Transaction Establishes CarCharging as the Largest Electric Vehicle Charging Services Company
Car Charging Group, Inc. (OTCQB: CCGI) (“CarCharging”), a nationwide provider of convenient electric vehicle (EV) charging services, announced today that its wholly-owned subsidiary, Blink Acquisition LLC, has completed its purchase of the Blink Network and all Blink related assets from ECOtality (NASDAQ:ECTYQ), a clean electric transportation and storage technology firm. Through this transaction, CarCharging gained more than 12,450 installed Level II EV charging stations, 110 installed DC Fast charging stations, more than 2,800 stations in inventory, and the Blink Network, which is the turnkey operating system for EV drivers, commercial businesses, and utilities, that services Blink’s EV charging stations. The assets were purchased for $3.335 million in cash.
As part of the transaction, CarCharging assumes the assets of “The EV Project”, for which ECOtality previously served as the project manager. The project was funded by the DoE through a federal stimulus grant of $114.8 million, made possible by the American Recovery and Reinvestment Act (ARRA). The grants were matched by private investment, bringing the total value of the project to approximately $230 million.
By adding these stations and the Blink network to its existing portfolio, CarCharging solidifies its position as the largest EV charging services company as it now owns and operates more than 13,430 charging points in 35 states and three countries, as well as the software that operates, monitors, and tracks the Blink stations and all of its charging data.
“We are delighted to have completed the Blink transaction and to acquire assets that originally cost approximately $230 million for only $3.335 million,” stated CarCharging’s Chief Executive Officer, Michael D. Farkas. “CarCharging has always been committed to supporting the electric car industry and by adding Blink and all of its assets to our network of EV charging stations, we can continue our efforts to further accelerate the adoption of EVs nationwide.”
CarCharging’s immediate focus will be to:
- Develop relationships with Blink’s partners and customers.
- Work with Blink’s residential and commercial EV charging stations to rectify any outstanding maintenance issues. Blink customers should continue to utilize Blink’s website and mobile application to locate stations and to obtain assistance; however, CarCharging is interested in feedback from customers and requests that comments be directed to email@example.com.
- Integrate EV charging stations from other EV charging service equipment (EVSE) manufacturers into the Blink network and launch a solution that offers true interoperability of EV charging networks in order to streamline the charging and payment process for EV drivers.
The Blink stations use sophisticated software to meter power, communicate with power companies, operate efficiently, and save consumers money on each charge. Blink’s residential and commercial chargers are linked to the Blink network via the Internet, which provides access to various advanced options, such as scheduling and starting charging sessions remotely via the web, Smartphone, or mobile device. A wealth of information can be accessed via customizable gauges and a dashboard that provides real time information for the Blink charging stations.
This is the fourth acquisition in 2013 for CarCharging. The company acquired 350Green, Beam Charging, and EVPass earlier this year.
Ardour Capital Investments LLC, a leading clean technology investment bank, acted as exclusive advisor to CarCharging regarding the acquisition of Blink’s assets.