Car Charging Group acquires Blink-related charging assets of ECOtality; Access Control Group and Intertek buyers of other assets
Blink Acquisition, a wholly-owned subsidiary of Car Charging Group, Inc., a nationwide provider of electric vehicle (EV) charging services, won the bid to purchase the Blink-related assets of bankrupt ECOtality. (Earlier post.) The assets included in the transaction are all of Blink’s inventory: more than 12,450 installed electric vehicle Level II charging stations; the 110 DC Fast charging station;, and the Blink network, which is the turnkey operating system for EV drivers, commercial businesses, and utilities, that services the Blink stations.
Blink Acquisition is paying $3,335,000 in cash, plus payment or satisfaction of cure costs and the assumption of Assumed Liabilities (i.e., agreements with the US government). The Blink deal does not include Minit-Charger, which manufactures and distributes fast-charging systems for material handling and airport ground support vehicles; this business was acquired for $250,000 by Access Control Group. Nor does it include ETEC LABS, ECOtality’s research and testing resource for governments, automotive OEMs and utilities; this was acquired by Intertek Testing for $750,000.
The transaction is anticipated to close shortly.
ECOtality had executed several EV Pilot Program Master Agreements under which it installed Level 2 chargers and DC Fast Chargers in connection with the EV Project with the Department of Energy. (Earlier post.) The DOE had awarded about $115 million to ECOtality, of which about $96 million was paid.
As part of the bankruptcy proceedings, the US Government had agreed that ECOtality could transfer its agreements and assets funded by the government to the new buyer, and also agreed that following the transfer it would not assert any claims against ECOtality, including any proceeds from the sale—provided that the government may assert any unsecured claims with any issues arising from invoices submitted.
CarCharging provides a turnkey program to commercial and residential property owners for EV charging services. CarCharging owns and operates the EV charging equipment; pays for all installation, maintenance, and related services; and shares the EV charging revenue with the property owner.
CarCharging has 87 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, Simon Property Group, Equity One, Equity Residential, Forest City, Ace Parking, Central/USA Parking, Icon Parking, Rapid Parking, Parking Concepts, CVS, Related Management, Pennsylvania Turnpike Commission, Pennsylvania Department of Environmental Protection, City of Miami Beach (FL), City of Hollywood (FL), and City of Norwalk (CT), that manage or own a total of more than 8 million parking spaces.
CarCharging’s EV charging network includes equipment manufactured by Aerovironment, ChargePoint, Efacec, General Electric, Nissan, and SemaConnect.