Intellabridge Technology Corporation, a public company dedicated to building sustainable solutions for positive impact, announced the signing of a Letter of Intent (LOI) with Spark Plug Chargers Inc., a U.S.-based early-stage charge point operator (CPO) focused on the electric vehicle (EV) charging market.
The understanding outlines the preliminary terms of a proposed transaction and is contingent upon a number of conditions, including the completion of due diligence, legal structuring, negotiation and execution of a definitive agreement, corporate approvals, regulatory clearances, and other customary closing conditions.
This proposed acquisition aligns with Intellabridge’s core mission and business model to invest in sustainable and impactful business models. By entering the EV charging infrastructure space, Intellabridge would be actively contributing to the transition towards sustainable transportation, a critical component of global climate action. Spark Plug’s commitment to providing accessible and reliable charging solutions at everyday destinations empowers EV adoption, making cleaner transportation more convenient for consumers. Spark Plug’s focus on providing Level 2 destination charging infrastructure presents a strategic opportunity for Intellabridge to gain early exposure to a growing and high-impact sector.
The EV charging market is currently experiencing rapid expansion, driven by increasing EV adoption and substantial investment in infrastructure. With robust projections for EV adoption, the EV charging market represents a compelling high-growth opportunity for strategic entrants like Intellabridge and Spark Plug.
The potential acquisition is expected to be mutually beneficial, providing Intellabridge with immediate entry into the burgeoning EV charging space and leveraging Spark Plug’s established partnerships, early revenue generation, and extensive pipeline of potential partners. For Spark Plug, the acquisition offers access to Intellabridge’s resources and public market expertise to accelerate its network deployment and market penetration.
John Eagleton, CEO of Intellabridge, stated, “This LOI reflects our strategic interest in the EV infrastructure space, which we believe is a critical enabler of global climate solutions. Spark Plug’s mission complements our commitment to sustainability and social impact, and their innovative approach and strategic focus on the underserved Level 2 destination market make them an ideal partner in advancing our environmental objectives while also tapping into a significant growth opportunity that will create long-term value for our shareholders.”
Ethan Cords, CEO of Spark Plug Inc., commented, “We are thrilled to explore this opportunity with Intellabridge, a company whose values and mission resonate deeply with our own., We believe that alignment with a values-driven public company can greatly enhance our ability to grow responsibly and deliver real impact, and represents a significant opportunity to amplify our impact on the adoption of electric vehicles. With Intellabridge’s resources and commitment to sustainability, we are confident that we can rapidly scale our network and make EV charging more convenient and accessible for drivers across the United States, contributing to a cleaner and more sustainable transportation ecosystem”.
This transaction remains at a preliminary stage, and there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be completed as currently contemplated or at all. Further information will be disclosed if and when a definitive agreement is executed.
Further details regarding the transaction will be disclosed upon the signing of a definitive agreement and obtaining relevant regulatory clearances as may be applicable.
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