NextNRG Signs LOI to Acquire ReFuel Mobile, Preparing for International Expansion with Canadian Mobile Fueling Leader

Associated Press

14 hours ago

Acquisition adds profitable, high-growth platform serving Ontario's commercial and industrial sectors while expanding NextNRG's mobile fueling operations into Canada
ReFuel Mobile ranked #36 on Globe and Mail's fastest-growing companies with 1,166% three-year revenue growth
MIAMI, June 30, 2025 (GLOBE NEWSWIRE) -- NextNRG, Inc. (NASDAQ: NXXT), a pioneer in AI-driven energy innovation transforming how energy is produced, managed, and delivered through its Next Utility Operating System®, smart microgrids, wireless EV charging, and mobile fuel delivery, today announced it has signed a letter of intent to acquire ReFuel Mobile ('ReFuel') (2583231 Ontario Inc.), a leading Canadian mobile fueling company.
This acquisition marks NextNRG's entry into international markets through the addition of an established, profitable operation in Canada's largest province. ReFuel, founded in 2016 and based in Ontario, Canada, specializes in direct-to-vehicle and direct-to-equipment fuel delivery, serving commercial and industrial clients across transportation, construction, logistics, telecom, municipalities, dealerships, and industrial fleet sectors.
ReFuel has demonstrated an exceptional growth trajectory, ranking #36 on the Globe and Mail's list of Canada's fastest-growing companies with a remarkable 1,166% three-year revenue growth. The company is currently profitable, showcasing the strength of its monthly recurring business model and contract-based operations with minimal customer churn.
Under the terms of the non-binding letter of intent, NextNRG will acquire 100% of ReFuel's stock payable in cash or NextNRG restricted common stock at NextNRG's discretion. The transaction includes retention of all current employees and management during a transitional period. Closing is expected by August 1, 2025, subject to completion of due diligence, audited financial statements, and execution of a definitive agreement.
'This strategic acquisition marks an important milestone as we extend NextNRG's mobile fueling leadership into international markets,' said Michael D. Farkas, Founder and CEO of NextNRG. 'ReFuel's proven track record of profitable growth, exceptional customer retention, and established market presence in Ontario positions us to capitalize on expanding opportunities across Canada. Their technology-driven approach and operational excellence align perfectly with our strategy of scaling AI-optimized energy solutions globally. The combination of this strategic addition with our accelerating organic growth gives us confidence that forward 12-month revenues of $100 million should be achievable.'
The acquisition builds on NextNRG's recent domestic expansion across six U.S. states with its fleet of 144 active fuel delivery trucks, and follows the company's strategic partnership with Hudson Sustainable Group and inclusion in the Russell 2000® and Russell 3000® indexes. ReFuel's proprietary AWS-hosted software platform for operations and customer scheduling will integrate with NextNRG's existing technology infrastructure to enhance service delivery and operational efficiency.
ReFuel currently serves the Greater Toronto Area (GTA), Hamilton, Oakville, London, and Kitchener markets with plans to expand into additional Ontario regions including Ottawa and Kingston, as well as Quebec markets including Montreal. The company holds TSSA certification and maintains full compliance with federal and provincial fuel handling and safety regulations. Refuel's customers include: Napa Auto Parts, Autos Canada, Magil Construction, and Fanshawe College.
'We're excited to join the NextNRG family and leverage their resources and technology to accelerate our expansion plans,' said Ashraf Ghadban, Co-Founder and CEO of ReFuel Mobile, who plans to stay on and assist with the transition. 'This transaction will enable Refuel to enhance its service offerings, expand its geographic reach, and continue delivering exceptional value to its growing customer base across Canada.'
The acquisition is expected to immediately contribute to NextNRG's recurring revenue base while providing a strategic platform for further expansion across Canada and potential entry into additional international markets. ReFuel's focus on innovation includes plans to expand into biofuels and bulk DEF solutions, aligning with NextNRG's commitment to advancing sustainable energy adoption.
NextNRG has demonstrated strong momentum, with preliminary May 2025 revenue of $6.6 million representing 148% year-over-year growth and marking the company's fifth consecutive record month. Year-to-date revenue through May reached approximately $28.89 million, already surpassing full-year 2024 revenue of approximately $27 million. The addition of ReFuel's established Canadian operations is expected to further strengthen NextNRG's position as a leader in the on-demand fueling industry while supporting the company's long-term strategy of building integrated energy ecosystems globally.
About ReFuel Mobile
Founded in 2016 with the mission to simplify and modernize on-demand fuel delivery, ReFuel Mobile serves commercial and industrial clients across Ontario, Canada. The company specializes in direct-to-vehicle and direct-to-equipment fuel delivery, offering convenient, cost-effective, and reliable solutions to businesses across dealerships, transportation, logistics, construction, telecom, and energy sectors. With a focus on innovation, ReFuel Mobile is modernizing traditional fueling through a mobile-first, efficient model backed by strong operational execution and proprietary technology. The company was ranked #36 on the Globe and Mail's list of Canada's fastest-growing companies with 1,166% three-year revenue growth.
About NextNRG, Inc.
NextNRG Inc. (NextNRG) is Powering What's Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging and on-demand mobile fuel delivery to create an integrated ecosystem.
At the core of NextNRG's strategy is its Next Utility Operating System®, which leverages AI and ML to help make existing utilities' energy management as efficient as possible; and the deployment of NextNRG smart microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs and improve grid resiliency. These microgrids are designed to serve commercial properties, healthcare campuses, universities, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.
NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility's fuel division and Shell Oil's trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV, providing fuel delivery while advancing efficient energy adoption. The transition process is expected to include the deployment of NextNRG's innovative wireless EV charging solutions.
To find out more visit: www.nextnrg.com
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG's goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as 'expect,' 'intends,' 'will,' and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG's business and macroeconomic and geopolitical events. These and other risks are described in NextNRG's filings with the Securities and Exchange Commission from time to time. NextNRG's forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG's forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.
Investor Relations Contact:
NextNRG, Inc.
Sharon Cohen
[email protected]