EO Charging and First Reserve Sustainable Growth Corp. Mutually Agree to Terminate Business Combination Agreement

Juuce Limited, which does business as EO Charging ("EO" or "the Company"), a leading UK-based provider of technology-enabled turnkey solutions for electric vehicle ("EV") fleets, and First Reserve Sustainable Growth Corp. ("FRSG") (NASDAQ: FRSG), announced that the companies have mutually agreed to terminate their previously announced agreement and plan of merger (the "Business Combination Agreement"), effective immediately.

Both parties decided to terminate the Business Combination Agreement as a result of unfavourable market conditions.

"I want to say thank you to our SPAC partner, FRSG, for their guidance over the past year," said Charlie Jardine, CEO of EO. "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. 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. 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."

"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."

EO Charging | www.eocharging.com 

First Reserve Sustainable Growth | https://www.frsgcorp.com/home/default.aspx