CarCharging Group, Inc., a provider of electric vehicle (EV) charging services, announced that it has entered into a term sheet to acquire 350Green LLC, an owner and operator of EV charging stations throughout the United States.
CarCharging’s proposed 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.
The acquisition would expand CarCharging’s contracts 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 acquisition of 350Green is consummated, CarCharging will have EV service contracts with nearly every major mall operator in the country.
The deal is subject to the negotiation of the final terms of the definitive agreement and regulatory approval, and is anticipated to close between thirty and seventy-five days after the definitive agreement is signed.
CarCharging and 350Green both have existing agreements with Walgreen’s, operating 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.
“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.”