Car Charging Gets $230 Million EV System From Bankrupt Ecotality
Car Charging Group Inc. (CCGI), the Miami Beach-based operator of electric-vehicle charging stations, acquired the assets of bankrupt competitor Ecotality Inc. (ECTYQ) for $3.34 million, gaining a $230 million network partially funded by the U.S. Energy Department.
Car Charging paid cash for Ecotality’s Blink Network and related assets, including more than 12,500 charging stations, according to a statement today.
Car Charging also assumed the assets of The EV Project, an initiative that received a $114.8 million Energy Department grant and was managed by Ecotality. Outside investors matched the grant, according to the statement.
The acquisition is Car Charging’s fourth this year as it expands its network. The company now owns and operates more than 13,400 charging stations in 35 states and three countries, according to the statement.
The deal will help the company “continue our efforts to further accelerate the adoption of EVs nationwide,” Chief Executive Officer Michael Farkas said in the statement.
Ecotality filed for bankruptcy last month.
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