Two US electric vehicle charging companies are merging to create the nation's largest public charging network with more than 1,000 locations.
Car Charging Group Inc. (OTCBB:CCGI), which has a strong municipal foothold in locations such as Chicago, plans to acquire 350Green, which is allied with Simon Property Group, the largest US real estate investment trust.
The merger will expand CarCharging's reach in one of the fastest growing US electric vehicle markets, California. It will also solidify its foothold at shopping malls: CarCharging will have contracts with almost every major US mall operator thanks to 350Green's relationship with Simon Property.
Both companies offer turnkey installation and management services for commercial and municipal organizations deploying public charging infrastructure. And Car Charging Group has filed two patents which could "dematerialize" the charging process.
Terms haven't been disclosed, and the transaction is subject to regulatory review. Once approved, the deal will close in 30-75 days.
"Adding 600 EV charging stations in 20 markets to CarCharging's network will create the most robust network in the nation," says Mariana Gerzanych, CEO of 350Green. "This partnership will be highly advantageous to the EV charging industry and will contribute significantly to the overall growth of the market."
CarCharging’s customers include the nation's parking garage operators including Central Parking and Ace Parking; drug store chain Walgreens (also a 350Green customer); Pennsylvania Department of Environmental Protection; City of Miami Beach, City of West Palm Beach, and the City of Norwalk, Connecticut. These organizations manage or own more than 6.4 million parking spaces.
350Green has projects with several hundred chargers underway in Chicago, the State of Pennsylvania, and the San Francisco Bay Area.
The biggest worldwide player in electric vehicles is Coulomb Technologies, which supports more than 6,900 locations. Other leaders are Better Place, ECOtality Inc. (NASDAQ: ECTY) and NRG Energy (NYSE: NRG).
GE also seeks to be a major contender with WattStation, which has been installed in several thousand locations worldwide. In early July, GE forged an exclusive relationship with PayPal to make it simple for drivers to charge up via mobile phones.
Here is CarCharging's website: