Car Charging Calls for More Fueling Stations to Boost Use
Stock Chart for Car Charging Group Inc (CCGI)
Car Charging Group Inc. (CCGI), the operator of 1,100 charging stations across the U.S., said a lack of such facilities is the “biggest hole” in the electric-vehicle market and millions more are needed.
“This is a chicken and egg situation -- you need infrastructure for people to feel comfortable enough to buy these cars,” Chief Executive Officer Michael Farkas said in a Bloomberg Television interview with Tom Keene and Scarlet Fu.
Car Charging, based in Miami Beach, Florida, and U.S. peers ChargePoint Inc. and Ecotality Inc. (ECTY) are helping drive a nascent public charging system in places such as store parking lots. The plea for more stations echoes Tesla Motors Inc. (TSLA)’s view that a wider network is needed to boost electric vehicle, or EV, use.
“The biggest hole in the whole EV market is the infrastructure -- being able to charge that car once you’re beyond your home,” Farkas said today.
Car Charging, which has already bought three competitors and is looking to expand further, is focusing on urban areas where not everyone has their own garage. “It’s not only serving people who have single family homes,” he said. Charging must be provided “where you live, work or play.”
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