CarCharging to purchase ECOtality’s Blink assets

Blink Acquisition, a wholly-owned subsidiary of Car Charging Group, Inc. (OTCQB: CCGI) has submitted the winning bid to purchase the Blink charging network from ECOtality, which filed for Chapter 11 bankruptcy in September. The deal makes Miami Beach-based CarCharging one of the world’s largest public charging networks.

“Since our inception, CarCharging’s intent has been to grow our business organically and through acquisitions, and with the purchase of ECOtality’s Blink assets, we believe that it will solidify our position as the leader in the electric vehicle charging industry,” said CarCharging CEO Michael D. Farkas.

The transaction includes the entire Blink network – over 12,450 Level 2 charging stations, 110 DC fast charging stations, and the turnkey operating system that services them. The deal does not include Minit-Charger, which makes chargers for material handling and airport ground support vehicles, or ETEC Labs, ECOtality’s research and testing arm.

There’s no word on how much CarCharging paid, but Dow Jones reported earlier this week that a company called Tellus Power had made an offer of $3 million. 

 

Source: CarCharging, Dow Jones