Recently, Founder and CEO of Charge Enterprises Inc. (OTC:CRGE) Andrew Fox joined Benzinga's "Power Hour" to speak with Benzinga’s Luke Jacobi about the company’s current activities, best practices, and the future of the EV market.
Here’s what you need to know.
Who Is Charge Enterprises Inc.?
Charge Enterprises Inc. focuses on EV infrastructure and capitalizes on areas that can't be outsourced to foreign locations. From micro-mobility devices to automobiles. Their portfolio of global businesses, with the vision of connecting people everywhere, goes from communications to infrastructure and charging.
The global Electrical Vehicle (EV) plays an important role in reducing greenhouse gas emissions and contributes to an overall greener future. However, with EVs becoming more mainstream, new challenges such as the lack of charging infrastructure have emerged.
According to Andrew Fox, today there are only 100,000 charging stations domestically in the United States and that can't even scratch the demand. To meet the growing demand, approximately 13 million EV charging stations need to be installed in the United States over the next ten years, that’s over 120,000 a month.
“There's a ton of work that needs to be done to provision all that, and so we're just going to be very busy installing and building the EV revolution,” said Fox. “It's a huge friction point today and it's a point that we love focusing on.”
During A Goldrush, Sell Shovels
Charge Enterprises Inc. operates in 19 countries with $500 million running in revenue.
“We focus on from an operational standpoint, having a profitable operation and being focused on providing services that people don't want to provide,” said Fox. “There's all this displacement coming from AI and driverless technology, all these amazing jobs that can be created around the space. And so, it's the pickaxes and shovels of the Wild West that we focused on.”
The company has two divisions: a communication division and an infrastructure division. Their infrastructure division is in cities like New York, Paris, Los Angeles, and where they test in Atlanta.
The company has a series of mobility and charging devices that people use and get paid a fee every time they're used.
Charge Enterprises expects that in the future there will be millions of charging ports, just like there are gasoline stations now.
“They're going to be people like us that own and operate them and build them and build technology around that service,” said Fox. “The space that we play in is doing kind of all that ancillary work, so we don't necessarily have to manufacture the charging station, but we want to provision the real estate, we want to maintain the systems and get all that ancillary revenue off of that, not just selling a system.”
A Company Is Only As Strong As Its Executive Leadership
During his conversation with Jacobi, Andrew Fox, a serial entrepreneur with over two decades of experience in industries including media, transportation, real estate, and insurance, highlighted the importance of having a talented team to be successful.
“It's the first 15 minutes of the ballgame. So, right now, all I have to do is build best practices around how we treat people. Treat everybody like a peer, be prompt, be ethical, have empathy, and be reliable,” he said. “When you work with us, that's how I'm going to be, and that's going to be the secret to our success. And because we're only minutes into the evolution of EVs, we're laser-focused on providing value around that ecosystem.”
Fox finished highlighting the importance of pioneers in the space like Charge Enterprise to remove the existing friction of charging stations. In addition, he added that finding great people and training them is empirical.
“The key to our success will be ultimately how we treat our people, the communities that we serve, and the type of jobs we're trying to create. “