Datametrex AI (TSXV: DM) is evidently entering into a new vertical. The firm this morning indicated it has EV Connect Solutions, whom is focused on the development of electric vehicle charging infrastructure.
Based in Ontario, EV Connect is said to be the exclusive Canadian partner of EVAR, a developer of innovation electric vehicle charging solutions and a spin out of Samsung Electronics’ C-Lab. The company reportedly is entering the EV infrastructure market with tech that includes roadside charging units as well as a roadside assistance mobile application, geared towards electric vehicle consumers.
The firm is focused on roadside service that will work to remove range anxiety from drivers of electric vehicles. The roadside service mobile application will reportedly allow consumers to reserve roadside assistance EV charging drivers, similar to share economy apps, with the company said to be in the process of rolling out several EV charging vehicles with battery management systems. Roadside service charging vehicles are slated to be on the road by year end, with a beta test of the mobile application expected to be launched in the third quarter of 2022.
EV Connect was acquired under a share purchase agreement entered into and closed on June 8, with the company valued at a figure of $10.0 million. A total of 66.7 million shares were issued in connection with the purchase, with the transaction not expected to result in a change of control. Shares were issued at a price of $0.15 per share.
“This is a very exciting acquisition as we can utilize our team of developers and knowledge of product development to enter the emerging electric vehicle space – an exciting and growing industry that will be here for a long time and represents significant potential for Datametrex and its shareholders,” commented CEO Marshall Gunter.
Datametrex AI last traded at $0.14 on the TSX Venture.
FULL DISCLOSURE: DataMetrex AI Limited is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover DataMetrex AI Limited on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
