NextNRG to Acquire ReFuel Mobile, Marking International Expansion into Canada's Booming Mobile Fueling Market

Strategic deal strengthens NextNRG's cross-border footprint, adds profitable growth engine, and supports $100M revenue target

The fast-growing innovator in AI-driven energy solutions NextNRG, Inc. (NASDAQ: NXXT), has signed a letter of intent to acquire ReFuel Mobile, a leading Canadian mobile fueling company, in a move that marks the company's first international expansion. The transaction will add a high-performing, profitable platform serving Ontario's commercial and industrial sectors to NextNRG's growing mobile fuel delivery operations.

Founded in 2016 and based in Ontario, ReFuel Mobile specializes in direct-to-vehicle and direct-to-equipment fueling for clients in transportation, construction, telecom, municipal services, and fleet operations. With a 1,166% revenue increase over the past three years, ReFuel recently ranked #36 on the Globe and Mail's list of Canada's fastest-growing companies. The company boasts a strong recurring revenue model with low customer churn and contracts with major clients like Napa Auto Parts, Magil Construction, and Fanshawe College.

Under the proposed terms, NextNRG will acquire 100% of ReFuel's stock through a cash or stock transaction at its discretion. All ReFuel employees and management will be retained during a transition period, and the deal is expected to close by August 1, 2025, pending due diligence and the signing of a definitive agreement.

"This strategic acquisition marks a major milestone as we bring our mobile fueling platform to the Canadian market," said Michael D. Farkas, Founder and CEO of NextNRG. "ReFuel's impressive growth, strong market presence in Ontario, and operational excellence align perfectly with our AI-optimized energy strategy. We believe this partnership accelerates our path to achieving $100 million in 12-month forward revenue."

The deal builds on NextNRG's rapid domestic growth, with operations now spanning six U.S. states and a fleet of 144 active fuel delivery trucks. ReFuel's AWS-based scheduling and operations software will be integrated into NextNRG's platform to enhance logistics and service efficiency. The company also plans to leverage ReFuel's existing TSSA certification and regulatory compliance infrastructure to support expansion into additional Canadian provinces, including Quebec.

ReFuel currently serves the Greater Toronto Area, Hamilton, Oakville, London, and Kitchener, with planned expansion into Ottawa, Kingston, and Montreal. The company is also exploring biofuels and bulk DEF solutions, supporting both sustainability goals and NextNRG's broader mission to build integrated clean energy ecosystems.

"We're thrilled to join forces with NextNRG," said Ashraf Ghadban, Co-Founder and CEO of ReFuel Mobile. "This partnership provides the resources and reach to accelerate our expansion and continue delivering top-tier service to our growing customer base across Canada."

The acquisition is expected to be immediately accretive to NextNRG's revenue, which already showed strong momentum in 2025. The company reported preliminary May revenue of $6.6 million--a 148% year-over-year increase--bringing year-to-date revenue to $28.89 million, surpassing all of 2024.

About NextNRG, Inc.

NextNRG Inc. (NextNRG) is Powering Whats 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 NextNRGs strategy is its Next Utility Operating System(R), 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 Mobilitys fuel division and Shell Oils 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 NextNRGs innovative wireless EV charging solutions.

To find out more visit: www.nextnrg.com

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