CarCharging Completes $3.335 Million Purchase of ECOtality's Blink Assets and
the Blink Network
Transaction Establishes CarCharging as the Largest Electric Vehicle Charging
MIAMI BEACH, Fla., Oct. 17, 2013
MIAMI BEACH, Fla., Oct. 17, 2013 /PRNewswire/ --Car Charging Group, Inc.
(OTCQB: CCGI) ("CarCharging"), a nationwide provider of convenient electric
vehicle (EV) charging services, announcedtoday 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
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
CarCharging's immediate focus will be to:
oDevelop relationships with Blink's partners and customers.
oWork with Blink's residential and commercial EV charging stations to
rectify any outstanding maintenance issues. Blink customers should
continue to and utilize Blink's website blinknetwork.com 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.
oIntegrate 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
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 asexclusive advisor to CarCharging regarding the acquisition of Blink's
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public
electric vehicle (EV) charging services, enabling EV drivers to easily
recharge at locations throughout the United States. Headquartered in Miami
Beach, FL with offices in San Francisco, CA; New York, NY; Phoenix, AZ; and
Barcelona, Spain; CarCharging's business model is designed to accelerate the
adoption of public EV charging.
CarCharging provides a comprehensive turnkey program to commercial and
residential property owners for EV charging services. CarCharging owns and
operates the EV charging equipment; manages the installation, maintenance, and
related services; and shares the EV charging revenue with the property owner.
Thereby, eliminating most capital costs for the property owners, and providing
a potential additional revenue stream.
CarCharging has strategic partnerships across multiple business sectors
including multi-family residential and commercial properties, parking garages,
shopping malls, retail parking, and municipalities. CarCharging's partners
include, but are not limited to Walgreens, IKEA, WalMart, Simon Property
Group, Equity One, Equity Residential, Forest City, Cinemark USA, Fox Studios,
Facebook, PayPal, Kimpton Hotels and Restaurants, Mayo Clinic, San Diego
Padres, University of Pennsylvania, Ace Parking, Central/USA Parking, Icon
Parking, Rapid Parking, Parking Concepts, CVS, Related Management,
Pennsylvania Turnpike Commission, Pennsylvania Department of Environmental
Protection, City of Phoenix (AZ), City of Philadelphia (PA), and City of Miami
CarCharging is committed to creating a robust, feature-rich network for EV
charging and is hardware agnostic. CarCharging owns the Blink network, and
owns and operates EV charging equipment manufactured by Blink, Aerovironment,
ChargePoint, Efacec, General Electric, Nissan, and SemaConnect. CarCharging's
Level II charging stations are compatible with EVs sold in the United States
including the Tesla Model S, Nissan LEAF, Chevy Volt, Mitsubishi i-Miev,
Toyota Prius Plug-In, Honda Fit EV, and Toyota Rav4 EV, as well as many others
scheduled for release over the next few years.
For more information about CarCharging, please visit www.CarCharging.com.
For more information about the Blink Network or stations, please visit
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements as defined within
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. By their nature, forward-looking
statements and forecasts involve risks and uncertainties because they relate
to events and depend on circumstances that will occur in the near future.
Those statements include statements regarding the intent, belief or current
expectations of Car Charging Group, Inc., and members of its management as
well as the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially from those contemplated by such
forward-looking statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed conditions.
Investor Relations and Media Contacts:
Media Contact: Investor Relations:
Suzanne Tamargo Constellation Asset Advisors, Inc.
(305) 521-0200 x 214 (775) 771-5808
SOURCE Car Charging Group, Inc.
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