Public electric vehicle charging service provider CarCharging Group is hoping to acquire 350Green, an owner and operator of EV charging stations throughout the US, which would turn CarCharging into the largest public EV service provider in the US with more than a thousand EV charging locations.
The deal is subject to the negotiation of terms and is expected to be completed between thirty and seventy-five days after the definitive agreement is signed.
“Our acquisition of 350Green significantly extends CarCharging’s footprint in providing EV charging services and infrastructure to support increased consumer demand and growing sales of electric vehicles,” said Michael D. Farkas, CEO of CarCharging. “We look forward to providing our combined partners and clients, as well as EV drivers, with the highest level of service for their EV charging needs.”
“Adding 600 EV charging stations in 20 markets to CarCharging network will create the most robust infrastructure network in the nation,” said 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.”
Not only would the merger increase CarCharging’s portfolio of charging locations, but it will also expand the company’s contracts with local municipalities including the City of Chicago, as well as extend the company’s penetration into the West Coast market.
If the acquisition goes through, CarCharging would end up having service contracts with nearly every major mall operator in the country, including major lines such as Walgreens and partnerships with Simon Property Group, the largest real estate investment trust in the country.
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