CarCharging™ to Acquire EVPass® and its Electric Vehicle Charging Stations/Network Throughout Central New York Leader in Electric Car Charging Services Consolidates Service Providers and Expands Footprint Through Acquisitions
MIAMI BEACH, Fla., March 12, 2013 /PRNewswire/ -- 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 DestinyUSA, 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 world'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.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services at accessible and convenient locations. Headquartered in Miami Beach, Florida with offices in California, Canada, and Spain, CarCharging is committed to creating a robust, feature-rich network for EV charging. CarCharging typically pays for all hardware, installation, maintenance and related services; therefore, eliminating initial capital costs for all property owners.
CarCharging has more than 50 strategic partnerships across various business sectors. CarCharging's partners manage or own a total of 6.5 million parking spaces, and include, but are not limited to Ace Parking, Central Parking, Equity One, Equity Residential, Walgreens, Pennsylvania Department of Environmental Protection, City of Miami Beach, and the City of Norwalk, Connecticut. CarCharging's services utilize EV charging stations manufactured by ChargePoint®.
For more information about CarCharging, please visit www.CarCharging.com.
About Synapse Sustainability Trust
Synapse Sustainability Trust, Inc. (SST) is a not-for-profit 501c-3, community based organization whose stated mission is to: lessen the burdens on government/education institutions; foster public awareness and participation in sustainable environmental initiatives; and provide technical assistance to local government, educational, and community stakeholders. In addition to EVPass and the CNY Network, some of SST's initiatives are CuseCar, Restoration Tree Trust, Symposium on Energy in the 21st Century, and UBRC.
To learn more, please visit www.synapsesustainabilitytrust.org.
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. Car Charging Group, Inc. undertakes no obligation to update or revise forward-looking statements to reflect changed circumstances.
SOURCE Car Charging Group, Inc.