About a month ago, once well regarded electric car charging station manufacturer Ecotality filed for Chapter 11 bankruptcy, planning to auction off its assets. One of its most core holdings was the over 12,000 Blink network chargers it had located around the country. A new holder of this network has now emerged, vaulting it to being one of the largest EV charging services companies out there.
Car Charging Group picked up at auction for a steal - $3.335 million in cash – more than
12,450 installed electric vehicle Level II charging stations, the 110 DC Fast charging stations, and the Blink network, which is the turnkey operating system for EV drivers, commercial businesses, and utilities, that services the Blink stations.
More importantly, as part of the acquisition, it gets the assets of the EV Project, for which Ecotality previously was the project manager. It was funded through the U.S. Department of Energy a few years back through a federal stimulus grant of $114.8 million, made possible by the American Recovery and Reinvestment Act. The grants were matched by private investment, bringing the total value of the project to approximately $230 million.
Combining all of this under one roof now gives Car Charging Group more than 13,430 charging points in 35 states and three countries, as well as the software that operates, monitors, and tracks the Blink stations and all of its charging data. The company now plans to work with existing Blink partners and equipment to smooth out any issues that might existed after Ecotality went belly up.
“We are delighted to have completed the Blink transaction and to acquire assets that originally cost approximately $230 million for only $3.335 million,” said Car Charging’s Chief Executive Officer, Michael D. Farkas in a statement. “Car Charging has always been committed to supporting the electric car industry and by adding Blink and all of its assets to our network of EV charging stations, we can continue our efforts to further accelerate the adoption of EVs nationwide.”