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SOURCE Car Charging Group, Inc.
Leading Electric Vehicle Charging Services Firm Expands Locations, Services, Revenues, and EV Charging Hardware
MIAMI BEACH, Fla., May 6, 2014 /PRNewswire/ -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging"), a nationwide owner, operator, and provider of electric vehicle (EV) charging services, announced today its financial results for the fiscal year ended December 31, 2013. During the year, CarCharging realized numerous strategic initiatives and investments, which solidified its leading position in the rapidly growing EV charging industry. Through both organic growth and acquisitions in 2013, CarCharging became the largest owner and operator of public EV charging stations and infrastructure in the United States.
- Completed the acquisitions of Blink, 350Green, Beam Charging, and EVPass.
- Acquired and continues to develop the Blink Network, the software that currently operates, monitors and tracks over 13,500 EV charging stations and all related data.
- The installed base of charging stations grew from 157 to 14,031, which represents an increase of over 8,837%.
- The net EV Charging service fees for the year grew nearly 1,860% from $16,743 to $327,971 with current monthly gross revenues of $95,797.
- Monthly kilowatt-hour (kWh) charging output grew from 2,492 to 374,188, which represents an increase of 14,916%.
- Inventory increased by over 3,745% with 2,423 EV charging stations held at the end of 2013 versus 63 at the end of 2012.
*The Company's audited financial results appear in the Company's Annual Report on Form 10-K, which was filed with the SEC on May 5, 2014.
"2013 was an exceptional year for CarCharging," stated Michael D. Farkas, CarCharging's Chief Executive Officer. "As a result of acquiring three EV charging service providers and the Blink Network, we were able to increase our EV charging locations, inventory, revenues, and resources."
"We anticipate that 2014 will also provide major milestones for the company. Our participation in Nissan's No Charge to Charge Program will help monetize the assets we developed organically or through acquisitions, our innovative mobile application, and our interoperability initiatives with Blink, GE, and SemaConnect, will vastly transform the accessibility of charging services for EV drivers," continued Mr. Farkas.
Mr. Farkas will host a conference call on Thursday, May 8th, 2014 at 4:15 PM Eastern Daylight Time (EDT) to discuss the annual results and outlook. To listen to the live conference call, please dial the phone number five minutes prior to the start of the call and enter your passcode.
1 (888) 424-8151 Audience US Toll Free
1 (847) 585-4422 Audience US Toll
The replay will be available via the company website a few days after the call.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.
CarCharging offers various options to commercial and residential property owners for EV charging services. Our typical business model provides a comprehensive turnkey program where CarCharging owns and operates the EV charging equipment; manages the installation, maintenance, and related services; and shares a portion of the EV charging revenue with the property owner. Alternatively, property partners can share in the equipment and installation expenses with CarCharging operating and managing the EV charging stations and providing network connectivity. For properties interested in purchasing and owning EV charging stations, CarCharging can also provide EV charging hardware, site recommendations, connection to the Blink Network, and management and maintenance services.
Through its subsidiary, Blink Network, CarCharging also provides residential EV charging solutions for single-family homes. For more information, please visit www.BlinkHQ.com.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities. CarCharging's partners include, but are not limited to Walgreens, IKEA, Wal-Mart, Simon Property Group, Equity One, Equity Residential, Forest City, Cinemark USA, Fox Studios, Facebook, 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), and City of Miami Beach (FL).
CarCharging is committed to creating a robust, feature-rich network for EV charging and is hardware agnostic. CarCharging's owns the Blink network, and owns and operates EV charging equipment manufactured by Blink, ChargePoint, General Electric, Nissan, and SemaConnect. CarCharging's Level II charging stations are compatible with EVs sold in the United States including the Tesla Model S, Nissan LEAF, Chevy Volt, Mitsubishi i-Miev, Toyota Prius Plug-In, Honda Fit EV, and Toyota Rav4 EV, as well as many others scheduled for release over the next few years.
For more information about CarCharging, please visit www.CarCharging.com, www.facebook.com/Car.Charging, or www.twitter.com/CarCharging.
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. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
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