EV Charger Pioneer Taps New Capital, Plans Major Expansion Into US, Canada
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Garage Juice Bar, a pioneering manufacturer and distributor of electric vehicle charging stations, announced a strategic transaction with Oasis Charger Corporation to support a major expansion of its North American network.
Headquartered in Hartford, Connecticut, Juice Bar's chargers operate in parking lots and garages in 71 cities throughout the United States and Canada. Oasis Charger Corporation was formed to acquire Juice Bar's assets and invest in the growth of its award-winning EV charger infrastructure.
Paul Vosper, President and CEO of Oasis, announced the privately-financed deal on Monday. "We are excited to be working with Juice Bar's excellent team of professionals. They have earned a formidable reputation for reliability and outstanding customer service," he said.
Oasis was formed to meet the demand for EV chargers that has followed explosive growth in the electric vehicle market, Vosper explained. "The US government forecasts a need for 600,000 EV chargers by 2025," Vosper said, "but there are barely 50,000 operating in the country today."
Juice Bar was founded in 2009 by executives of ProPark America, a leading parking management company. The company teamed up with BMW Group Designworks USA to design a premium EV charger station, focusing on durability and flexibility. The design permits the substitution of modular components as charging technology evolves. Juice Bar has created a branded experience for real estate owners, businesses, utilities and municipalities, with installations in offices, hotels, supermarkets, malls and apartment buildings.
As part of the transaction, John Schmid and David Schmid, CEO and Chief Investment Officer of ProPark, will join the Board of Directors of Oasis.
"We are proud of the foundation that our team built," David Schmid said, "and we are excited to work with the Oasis team in this next chapter for Juice Bar."
According to Vosper, the company is seeing a steady increase in demand from customers and intends to make its first priority a reduction in installation time.
"We plan to build up our inventory of chargers to cut delivery times to three weeks," he added.