Car Charging Group, the Florida-based provider of EV charging services, has closed an offering of convertible preferred securities and warrants, and raised net proceeds of up to $6 million from current institutional shareholders.
Two million of the funds were delivered at closing, with the remainder to be disbursed upon achievement of operating milestones over the next two quarters.
The company plans to use the new investment to strengthen its balance sheet and expand its Blink network. It has also undertaken restructuring measures to improve cash flow, including initiatives that are expected to reduce general expenses by more than 40%.
Source: Green Car Congress