Infrastructure builder Charge Enterprises Inc. (NASDAQ:CRGE) and Eaton Corporation PLC (NYSE:ETN), an intelligent power management company, are teaming up to accelerate the deployment of custom-built electric vehicle (EV) charging power stations.

Charge is an infrastructure company specializing in broadband and wireless, EV charging infrastructure, telecommunications and electrical contracting. Through this partnership with Eaton, Charge is hoping to roll out complete charging infrastructure to support fleet electrification as EV adoption increases across America. This turn-key solution will include hardware, software, services, training and maintenance, as well as energy storage systems and onsite renewables.

The global EV market was worth $193.5 billion in 2022 and is forecast to reach $693.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.3% during the forecast period. EV adoption is on a rapidly increasing trend in America, and the government has set the goal that 50% of all car sales are to be EVs by 2030. Charge’s partnership with Eaton for the building of custom charging stations will support the growth in this market.

“Working closely with Eaton, we’re offering a premier solution for fleets. Eaton is delivering intelligent and innovative electrical solutions for affordable and sustainable EV charging, while Charge integrates years of vehicle expertise and premium services to develop, plan and create fleet models that support Total Cost of Ownership TCO and maximize EV uptime as well as provide remote maintenance and monitoring” said Mark LaNeve, President of Charge Enterprises. “Furthermore, our collective focus on safety, reliability and scalability only strengthens the solution delivered to the client.”

Charge Enterprises started because the founder of the company saw a gap in infrastructure fulfillment that is essential to support the growth of the EV market. It is estimated that America will need to have approximately 1.2 million public and 28 million private EV charging stations by 2030 to meet the government’s EV goal. 

Charge can install any EV charging hardware, which means it isn’t competing in the crowded hardware development market. The company was founded in 2019 and since then it has only grown. Despite starting with only $7 million in seed money, it now has a market cap of $221.37 million and earned almost $700 million in revenue in 2022.