First Reserve Sustainable Growth Corp.’s Business combination agreement with UK-based company, Juuce Limited, more commonly known as EO Charging, has come to an end.
“I want to say thank you to our SPAC partner, FRSG, for their guidance over the past year,” EO CEO Charlie Jardine said. “We’ve worked tirelessly together to bring this transaction to fruition but, in light of the current market conditions, have decided that this route is no longer in the best interests of the business.”
The decision to conclude the partnership, made mutually by both companies, was made as result of recent unstable market conditions, a recent press release said.
“This decision has been taken to ensure EO remains in the best possible position to execute on its long-term strategic objectives and take advantage of the remarkable growth potential in this market,” Jardine said. “It’s our mission to become the global leader in fleet electrification and we continue to demonstrate solid momentum as we head into Q2 2022.”
EO Charging serves as a provider of technology-enabled turnkey solutions for electric vehicles. Its collaboration with First Reserve, based in Stamford, Connecticut, was made to follow through with its merging plans, which have now also been canceled as a result of the termination.
In addition to mergers, First Reserve also specializes in capital stock exchange, asset acquisition, stock purchase, reorganization and general business combination strategies.
“We believe EO is a great company with an exciting future ahead of them,” said FRSG management. “The current market conditions have created a challenging environment, impacting high-growth companies. We wish EO every success as they emerge from this period and continue to advance their mission of delivering smart charging technologies and solutions for a greener future.”