The following is a transcription of the above video, and The Market Herald Canada has edited it for clarity.
- Hypercharge is a provider of smart electric vehicle charging solutions
- The company completed a $5 million raise
- Hypercharge launched its platform in April, and sold more than 2,500 charging stations
- Hypercharge launched Hypercharge Home a home-based charging solution retailing for $749
Hypercharge (NEO:HC, OTC:HCNWF, FSE:PB7) is a provider of smart electric vehicle (EV) charging solutions offering turnkey technology to multi-unit residential and commercial buildings, fleet operations, and other growing sectors. Earlier this year the company completed a $5 million raise, and CEO David Bibby joins us to share how the funds are being used along with Hypercharge’s latest news.
TMH: Tell us a little bit about Hypercharge and the need behind what the company does.
Bibby: Hypercharge, as you mentioned, provides turnkey EV charging solutions to commercial, charging customers. We work with developers, we work with parking companies, and we also have recently launched a home charging product as well.
So one of the key reasons that we exist is to provide this critical infrastructure that EV drivers need to get their vehicle charged.
TMH: And what’s the need, the growing need as we, you know, head to net zero?
Bibby: The industry is growing at over 30 per cent compound annual growth today.
At a national level in Canada, about 10 per cent of all new vehicles sold are zero emissions. By 2030, the federal government wants over 60 per cent of those vehicles to be zero emissions and by 2035, a hundred per cent.
There’s just a tremendous growth trajectory here for this industry, and they’re all gonna need charging stations. They all need somewhere to charge.
TMH: The company closed a private placement for $5 million earlier this year. How have the proceeds been used towards your 2023?
Bibby: Yeah, great question. we’re using these use of proceeds to help grow our business, to take advantage of this market growth.
We launched our platform last April, and since then, we’ve sold over 2,500 charging stations, delivered over 1,000 of them, and we continue to grow, and we continue to participate in bigger deals across the country.
We’ve also expanded into the U.S. most recently. So we’re growing in California, and we’re working through a number of the certifications that we need to do business there.
Finally, we’re always looking for new areas of innovation, so whether it’s our business model, which we offer charging as a service, so that’s another way we can build our recurring revenue as a company, and also around product innovation.
We’ve launched five new products in the last four to five months alone. Some software-based products and some hardware based products, so we continue to innovate our business model and our technology.
TMH: Right, and you’ve had a very busy news cycle. Let’s just talk a little bit more about the launch of Hypercharge home on your residential level to EV charging station for at-home use.
Bibby: Last week we launched a Hypercharge Home, which is our first home-based charging solution. Normally we provide commercial level two and high-powered chargers for public settings.
Increasingly, our customers have asked us to provide something for single family dwellings.
That’s where Hypercharge Home comes in. It’s affordable, it’s smart and ultimately expandable. So we’ll take advantage of the home market as well.
THM: And what does that retail for?
Bibby: So we’re retailing it for $749, plus installation.
TMH: You had your financial highlights for three months ending on Sept. 30. What were some of the highlights?
Bibby: Yeah, that was our Q2, and it was a great quarter for us. We did just over $900,000 in revenue, but more importantly is the growing backlog of ports sold or stations sold that we’ll deliver in 2024 and beyond.
TMH: What is coming up that investors should know about?
Bibby: Well, a number of things. One of the key things about building a company like Hypercharge is that our brand is getting out there.
We’re getting invited to participate in a lot of larger deals. So that’s exciting for us, and if you look at the industry as a whole, it’s really down this year.
You can look at our peers and you’ll see that we’re not alone in terms of how share price performance has gone this year. We’re growing and continuing to build our backlog, so that should equal good things in the future. We’re expanding across Canada and into the U.S., which should also equal good things.
Both federal governments in Canada and in the U.S. are continuing to support the industry with incentives, tax credits, and grants. So, those are also good things.
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