cashing that blank check

Houston-area high-tech monitoring device co. IPOs with close of SPAC deal

A deal that's been a year in the making has officially closed. Photo via infraredcameras.com

A special purpose acquisition company has sealed the deal on its acquisition of a company with thermal imaging and sensing platform technology.

SportsMap Tech Acquisition Corp. (NASDAQ: SMAP) announced the close of its acquisition of Beaumont-based Infrared Cameras Holdings Inc. (ICI), which will be the name of the combined company. The new ticker symbol for the combined company’s common stock and public warrants will be ticker symbols “MSAI” and “MSAIW,” respectively.

“The close of the business combination represents a monumental milestone for our company, as we view the business to be well-suited for the public market," Infrared Cameras’ CEO Gary Strahan says in a news release. Strahan and his executive team will continue to lead the company.

Originally announced in the fall of 2021, the $100 million blank-check company is led by David Gow, CEO and chairman. Gow is also chairman of Gow Media, which owns digital media outlets InnovationMap, EnergyCapitalHTX, SportsMap, and CultureMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The SPAC revealed it would be acquiring ICI just over a year ago. According to the news release, SMAP’s stockholders approved the deal at a special meeting held on December 8.

"I’m happy to complete the business transaction, and equally excited to see Gary and his team deliver a unique product and solution to a diversified sub-set of market verticals," Gow says in the release. "We view this event to serve as the initial catalyst for the Company to deliver long-term shareholder returns.”

ICI's technology includes a patented single pane-of-glass view that can be used to monitor and analyze live imaging and sensing data across industries, including monitoring overheating equipment and methane gas leaks in the oil patch. ICI provides both the physical technology as well as a software-as-a-service component. Following the close of the deal, ICI reports that it will be focused on "new customer expansion, becoming a global online retailer, solidifying operational excellence, and continual improvements" to its technology.

“We have built a diversified integrated thermal imaging and sensing platform that is enhanced by our cloud-enabled technology, allowing for improved operations and critical asset protection," Strahan says. "We believe the support of investors as a public entity will aid our ultimate strategic objective of driving growth through increased enterprise customers, while, over time, positively transforming our margins as a result of our SaaS unit economics.”

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This article originally ran on InnovationMap.

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A View From HETI

By taking a thoughtful approach to employees’ individual situations, fleet managers can design a take-home EV program that fits their drivers’ needs and benefits the company’s bottom line in the long run. Photo via Getty Images

As electric vehicles continue to rise in popularity among corporate fleets, the question of how to best accommodate charging needs for fleet drivers, especially those taking their vehicles home, is becoming increasingly important.

Charging EV fleet vehicles at home can be an excellent strategy to save employees time and cut operational costs. However, many companies hesitate in their take-home EV implementation, mistakenly believing that high-cost level 2 home chargers are a necessity. This misconception can stall the transition to an efficient, cost-effective fleet charging solution.

By taking a thoughtful approach to employees’ individual situations, fleet managers can design a take-home EV program that fits their drivers’ needs and benefits the company’s bottom line in the long run. Here are some essential points to consider:

The viability of level 1 charging for low-mileage drivers

For many fleet drivers, especially those covering less than 10,000 miles annually, the standard level 1 charger that plugs into a 120v (standard) wall outlet and comes with their EV is perfectly adequate. This solution involves no additional hardware costs, mitigates issues when employees leave the company, and reduces corporate liability concerns. The primary advantage of relying on level 1 charging is its simplicity and cost-effectiveness, as it requires no extra investment in charging infrastructure. By leveraging the charging cable provided with the vehicle, companies can minimize their financial outlay while still supporting their employees' charging needs effectively.

Opting for non-networked level 2 chargers for high-mileage drivers

For higher mileage drivers with faster charging needs, a non-networked level 2 charger represents a compelling option. In this scenario, the employee pays for the unit and the installation and is then reimbursed by the company. This approach has several benefits:

  • Tax Rebates and Incentives. Employees may qualify for various tax writeoffs and incentives that are not available to companies, making the installation of a level 2 charger more affordable.
  • Ownership and Choice. Employees select and own the charging port, choose the contractor and pay for installation, which limits corporate liability and cuts costs.
  • Home Value Enhancement. Installing a level 2 charger can increase the value of the employee's home, providing them with an additional benefit and easy access to charging.
  • Accurate Reimbursement Still Possible. Modern electric vehicles record charging data, eliminating the need to get this information from a smart charger. Software like ReimburseEV can connect the dots and calculate accurate usage, costs and reimbursement.

This approach offers a cost-effective, lower-liability solution that benefits both the company and the employee, making it an attractive option for higher-mileage drivers.

The drawbacks of company-owned and networked chargers

Installing company-owned chargers, especially networked ones, is arguably the least favorable option for several reasons:

  1. Increased costs and liability: The installation and maintenance of networked chargers significantly increases costs. Moreover, owning the charging infrastructure introduces liability concerns, especially regarding data security.
  2. Connectivity and compatibility Issues: Networked chargers can suffer from connectivity issues, leading to inaccurate charging data and other operating and compliance problems.
  3. Risk of fraud: Many smart chargers do not know which vehicle is plugged in. Thus, they also risk being used by non-fleet vehicles, further complicating cost and energy management.
  4. Brand lock-in: A number of networked chargers are tied to specific OEM brands, limiting the flexibility in vehicle selection and potentially locking the company into a less dynamic fleet vehicle mix.

The drawbacks associated with company-owned and networked chargers underline the importance of evaluating charging needs carefully and opting for solutions that offer flexibility, reduce liability, and control costs.

Decision tree for fleet managers

Fleet managers should consider a decision tree approach to determine the most suitable charging solution for their needs. This decision-making process involves assessing the annual mileage of fleet drivers, access to charging, the benefits of tax incentives, and considering the long-term implications of charger ownership and ongoing liabilities. By adopting a thoughtful, structured approach to at-home charging decision-making, fleet managers can identify the most cost-effective and efficient charging solutions that align with their company's operational goals, culture, and drivers' needs.

Transitioning to an EV fleet and providing robust at-home charging solutions for your EV fleet drivers need not be a big operational bottleneck requiring huge investments in home charging infrastructure and installation costs. By understanding the specific operational demands of your EV fleet vehicles and the unique circumstances of your EV fleet drivers, companies can implement effective, efficient at-home charging solutions that save time, reduce costs, and minimize liability, all while supporting employees' transition to electric mobility.

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David Lewis is the founder and CEO of MoveEV, an AI-powered EV transition company that helps organizations convert fleet and employee-owned gas vehicles to electric by accurately reimbursing for charging electric vehicles at home.

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