NextNRG Expands into Canada with Acquisition of ReFuel Mobile
Deal News | Jun 30, 2025 | Globenewswire
NextNRG, Inc. has announced its intent to acquire the Canadian mobile fueling leader, ReFuel Mobile, marking its entry into international markets. The acquisition is part of NextNRG's ongoing strategy to expand its mobile fueling operations and strengthen its position in the energy sector. ReFuel Mobile, known for its significant growth trajectory and robust financial performance, serves various sectors in Ontario. The transaction, which allows NextNRG to leverage ReFuel's market presence and expertise, aligns with their strategy of integrating AI-optimized energy solutions globally. The acquisition will be completed in cash or NextNRG restricted common stock by August 1, 2025, pending due diligence. ReFuel's innovative software will be integrated into NextNRG's infrastructure, offering enhanced service delivery and operational efficiency. This expansion supports NextNRG's long-term strategy to build integrated energy ecosystems globally.
Sectors
- Energy
- Technology
- Transportation
Geography
- Canada – ReFuel Mobile is based in Ontario, Canada, and serves various regions within the country. The acquisition thus expands NextNRG's operations into the Canadian market.
- United States – NextNRG operations are based in Miami, and the company is expanding domestically across several U.S. states. This acquisition represents its move to international markets.
Industry
- Energy – The article involves companies in the energy sector, focusing on mobile fueling and the integration of advanced technologies such as AI in energy management.
- Technology – NextNRG's use of AI and machine learning in its operations, including smart microgrids and wireless EV charging, positions them within the tech industry as well.
- Transportation – ReFuel Mobile serves transportation and logistics sectors, specializing in on-demand fuel delivery, making the transportation industry relevant.
Financials
- Transaction includes acquiring 100% of ReFuel's stock – NextNRG will acquire ReFuel in a transaction payable in cash or restricted common stock.
- $100 million forward 12-month revenue projection – NextNRG anticipates achieving $100 million in revenue following the acquisition.
- $6.6 million revenue in May 2025 – NextNRG's preliminary revenue for May 2025, showing significant year-over-year growth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NextNRG, Inc. | Bidding Company/Buyer | Company | An AI-driven energy innovation company focusing on transforming energy production, management, and delivery. |
| ReFuel Mobile | Target Company | Company | A Canadian mobile fueling company specializing in direct fuel delivery for commercial and industrial clients. |
| Michael D. Farkas | CEO | Person | Founder and CEO of NextNRG, leading the company through strategic expansions and acquisitions. |
| Ashraf Ghadban | Co-Founder and CEO | Person | Co-Founder and CEO of ReFuel Mobile, overseeing the company's operations and transition during acquisition. |