NextNRG Inc. (NASDAQ:NXXT) shares climbed 6.5% following the announcement of its intention to acquire ReFuel Mobile, a profitable mobile fueling provider based in Ontario, Canada.
The deal, outlined in a non-binding letter of intent, would give NextNRG 100% ownership of ReFuel, with payment to be made either in cash or in restricted common shares, depending on NextNRG’s final decision. The acquisition is targeted to close by August 1, 2025, and represents the company’s first foray into the international fuel delivery market.
Founded in 2016, ReFuel Mobile focuses on direct-to-vehicle and direct-to-equipment fueling solutions for commercial and industrial clients. The company has experienced rapid growth, securing the #36 spot on The Globe and Mail’s list of Canada’s fastest-growing businesses, thanks to an impressive 1,166% revenue growth over the past three years.
“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. He noted that the combination of ReFuel’s footprint with the company’s existing momentum gives them confidence that “forward 12-month revenues of $100 million should be achievable.”
This transaction follows NextNRG’s domestic expansion into six U.S. states, where it currently operates a fleet of 144 active fuel delivery vehicles. ReFuel’s AWS-based proprietary software will be integrated into NextNRG’s existing tech infrastructure to support the scaling of operations across borders.