Car Charging Group, Inc., a nationwide provider of electric vehicle (EV) charging services, announced today that it has raised $10 million principally with institutional investors. The proceeds will be utilized to strengthen CarCharging's balance sheet and to provide additional operating capital for the company's expansion. CarCharging was founded in 2009 and has been a pioneer in the EV charging industry. In 2013, CarCharging acquired four EV charging service providers, including Blink® and the Blink® Network, the software that operates, monitors, and tracks the Blink stations and all of its charging data. By adding the stations from these acquisitions and the Blink Network to its existing portfolio, CarCharging now owns, operates or manages more than 13,950 charging points in 35 states and three countries, solidifying its position as the largest EV charging services company.
"We always appreciate the support of our shareholders, both existing and new, and are thrilled to have completed this capital raise," said Michael D. Farkas, CEO of CarCharging. "This additional equity will assist CarCharging in continuing its position as the leader in the EV charging industry, to pursue new opportunities, and to enhance our long-term growth."
CarCharging is actively pursuing a potential uplisting on a national stock exchange, launching a solution that offers interoperability of EV charging networks in order to streamline the charging and payment process for EV drivers, and securing patents for its innovative concepts for EV charging solutions.
Car Charging is a pioneer in nationwide public 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.
The company 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 some of 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. Examples of CarCharging's partners include, Walgreens, IKEA, Wal-Mart, 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), City of Miami Beach (FL), and others.
