Car Charging Group, Inc. (OTCQB: CCGI) (“CarCharging”), a nationwide provider of convenient electric vehicle (EV) charging services, continues towards closing its acquisition of 350Green LLC, an owner and operator of EV charging stations throughout the United States. As announced in its July 16, 2012 press release, CarCharging signed a term sheet to acquire 350Green.
While the 350Green deal is subject to the negotiation of the final terms of the definitive agreement, it continues to move forward. Through the due diligence process, a few issues have been identified by CarCharging and they are actively being addressed and/or resolved by 350Green.
“As the proposed highly synergistic acquisition of 350Green progresses, our excitement increases,” said Michael D. Farkas, CEO of CarCharging. “We are methodically resolving outstanding matters as quickly as possible in order to close the transaction, and then consolidate the operations of both companies.”
“Both 350Green and CarCharging continue to be committed to the proposed acquisition,” said Mariana Gerzanych, CEO of 350Green. “We believe that the partnership of the two companies will not only benefit the EV charging industry, but will significantly contribute to the overall growth of the market.”
The acquisition of 350Green would position CarCharging as the largest public EV service provider in the United States with more than 1,000 EV charging service locations installed to date. Furthermore, the acquisition would expand CarCharging’s partnership with major municipalities, including the City of Chicago, and further extend the company’s penetration into the West Coast market where EV adoption is expanding quickly. If the acquisition of 350Green is completed, CarCharging will have EV service contracts with nearly every major mall operator in the country.
Both CarCharging and 350Green have existing agreements with Walgreen’s, operating EV charging stations at stores across the country. 350Green has a partnership for EV charging services with Simon Property Group, Inc., the largest real estate investment trust in the United States, with interests in 339 commercial real estate properties in North America, Europe and Asia.