$CRGE is cornering the market for EV charging stations
Charge Enterprises, Inc. (NYSE: CRGE) engages in building the electrification and telecommunications infrastructure for electric vehicle charging (EVC) and wireless network infrastructure, including 5G, tower, distributed antennae systems, small cell, and electrical infrastructure.
CRGE seeking to serve unmet needs in the large and rapidly growing EV Charging and Broadband Market.
The company’s Infrastructure segment focuses on physical wireless networking elements including 4G and 5G, cell tower, small cell, and in-building applications and EVC solutions including design, engineering, vendor specification, construction, installation, and maintenance of electric vehicle chargers. This segment also offers network of personal charging power banks situated in bars, restaurants, transit hubs, and sporting arenas.
CRGE is a fast — growing company. Revenue CAGR from 2022 to 2026 expected to be more than 10%.
With the U.S. aiming for EVs to make up 50% of all vehicle sales by 2030 and the Inflation Reduction Act (IRA) providing tax credits up to $40,000 for commercial vehicles, access to convenient, reliable and affordable EV fleet charging is essential.
EV Adoption is accelerating at an Unprecedented pace. 10x or 50% EV Sales penetration expected within the next 7 years — according to Bloomberg.
CRGE plans to deploy a multi-phased strategy, initially where investment in the EV charging revolution is taking place, the nation’s approximately 18,000 franchised auto dealers. Starting with the largest automotive OEMs (original equipment manufacturers, i.e. new car dealerships), their dealers, and their fleets, CRGE goal is to capture a significant portion of these retail dealerships — creating a dealer ecosystem that will lead to repeat customers and recurring revenue. Complementing this strategy will be the acquisition of strategic infrastructure businesses that will provide cash flow, skill teams and knowledge to enhance the buildout of CRGE EV infrastructure strategy.
CRGE unique value proposition — trusted specialists in electrification: specialized knowledge of a range of EV hardware, software, OEM specifications and power sourcing, service capability for dispersed electrification projects, nationwide of varying size, union and non-union labor with a vetted contractor across the country, strategic partners with leaders across the energy management spectrum.
CRGE is currently covered by two analysts maintaining STRONG BUY ratings with an average PT of $3.75, i.e. 250% potential upside. Most recently, HC Wainwright reiterated a BUY rating with the more bullish PT of $4.50 as recently (April 19th), indicating that analysts are closely watching CRGE’s performance and remain optimistic after reviewing their 2022 annual financials.
To wrap things up, CRGE is an exciting player in the EV charging market. There won’t be global EV rollout without the supporting infrastructure, and CRGE has is an early-mover in this space that is already dominating a growing market share. Its trading close to its 52-week minimum and RSI 36 indicates the stock is already oversold and currently slightly undervalued, so as they say, there’s no time like the present.
