Leader in Electric Car Charging Services Consolidates Service Providers and Expands Footprint Through Acquisitions
Car Charging Group, Inc. (OTCQB: CCGI) (“CarCharging”), a nationwide provider of convenient electric vehicle (EV) charging services, announced today its proposed acquisition of EV Pass LLC, which specializes in building destination and location networks for EV charging, and its Central New York Destination Location Network (“CNY Network”), from Synapse Sustainability Trust, Inc., a 501c-3 organization based in Syracuse, New York.
Through this acquisition, CarCharging will gain destination locations of EV charging stations throughout Central New York, including Syracuse, Rome, and the surrounding areas. Deployed in partnership with the New York State Energy Research and Development Authority (“NYSERDA”), the CNY Network was the first area wide transportation plan in the United States to be based on the concept of providing charging services “where the car wants to go, not where it lives.”
These destination locations are comprised of: New York shopping malls, including Pyramid, one of the largest shopping mall operators in the Northeast; higher education institutions such as SUNY-ESF and Syracuse University; entertainment venues such as the JFK Arena in Rome, NY and the Oncenter Convention Center in Syracuse, NY; and 39 downtown commuter parking locations in Syracuse, NY. Additionally, CarCharging will administer the pending NYSERDA grant awarded to EVPass, which includes installing EV charging stations throughout Upstate New York.
“Bottom line, EV sales are growing. EV sales in January 2013 were more than 300% greater than January 2012, and EV sales in February 2013 were nearly 330% greater than February 2012. To support the increasing EV market, it is our intent to expand our EV charging infrastructure through organic growth and acquisitions of other EV service providers,” said Michael D. Farkas, CEO of CarCharging. “With our recent acquisition of Beam Charging and the pending acquisition of the CNY Network, CarCharging will expand its footprint throughout New York State and gain additional strategic property partners.”
Pending regulatory approval and the closing of the acquisition, Eckardt C. Beck, the Executive Director of Synapse Sustainability Trust, will join CarCharging’s Board of Directors. After developing the first ever Clean Air Act State Air Implementation Plan (SIP) in Connecticut, Mr. Beck served two US Presidents, and managed the national water and waste programs for the Environmental Protection Agency (EPA). He earned the Presidential Distinguished Executive Award for chairing the development of the National Toxic Strategy for the EPA, an environmental policy roadmap that has been followed for the past 40 years. Mr. Beck then moved to the private sector, where he built the largest analytic testing and data processing laboratory in the USA. He also led the leveraged buyout of an environmental company listed on the New York Stock Exchange, and subsequently became the owner/operator of, among other things, the nation’s largest sewage treatment company. Following successful exits from those businesses, Mr. Beck founded Synapse Partners, LLC, the largest aggregator of environmental insurance in the USA. He also founded Synapse Sustainability Trust, Inc., which incubated the development of the trailblazing models of regional EV transportation, EVPass and the CNY Network.
“I look forward to helping CarCharging to carry out its mission to enable EV owners to charge their cars anytime, anywhere and to sharply reduce the amount of CO2 put into the earth’s atmosphere,” said Eckardt C. Beck.
Both CarCharging and EVPass utilize EV charging stations manufactured by ChargePoint®, which provide 240 volts with 32 amps of power to quickly recharge an EV’s battery. EV drivers can easily request CarCharging’s evCharge card online to initiate use and payment at any intelligent CarCharging station. The CarCharging card also allows drivers to use charging locations on the ChargePoint® Network, the largest national online network connecting EV drivers to EV charging stations.
Users can pinpoint EV charging station locations using the CarCharging map at www.CarCharging.com. The ChargePoint® mobile application for iPhone, Android, and Blackberry phones also provides real-time charging station location information with turn-by-turn directions.