Electric Vehicle Charging Service Provider Continues to Consolidate Market and Acquires Third EV Charging Station Owner and Operator
Car Charging Group, Inc. (OTCQB: CCGI) (“CarCharging”), a nationwide provider of convenient electric vehicle (EV) charging services, announced the closing of its acquisition of 350Green LLC, an owner and operator of EV charging stations throughout the United States. This is the third acquisition in 2013 for CarCharging as the company recently acquired Beam Charging and EVPass. With the acquisition of 350Green, CarCharging is now the owner of the largest independent public EV charging station network in the United States and the world.
CarCharging and 350Green operate EV charging stations at locations across the country. Both companies are partners with Simon Property Group, Inc., the largest real estate investment trust in the United States, and Walgreen’s, the nation’s largest drugstore chain. The acquisition of 350Green expands CarCharging’s partnerships with major companies, retailers, municipalities, and universities, including Intel, Whole Foods, Sears, Supervalu, City of Chicago, and the University of Chicago at Illinois. This acquisition also further extends CarCharging’s penetration in California, Illinois, and Washington.
“After nearly a year of working diligently to acquire 350Green, we are pleased to announce that the acquisition is finally complete,” said Michael D. Farkas, CEO of CarCharging. “We are confident that this is a step forward in strengthening the EV charging industry, and we will work as quickly as possible to consolidate operations and ensure that all of 350Green’s stations are working properly.”
350Green’s EV charging service locations offer Level 2 stations manufactured by AeroVironment, ChargePoint, and Sema Connect. Additionally, many of 350Green’s locations include DC fast charging stations manufactured by Efacec. DC fast chargers drastically reduce charging times for compatible electric cars.
Michael Bernstein of The Bernstein Law Firm represented CarCharging in the completion of the acquisition of 350Green.