MIAMI BEACH, Fla., Feb. 2, 2012 (GLOBE NEWSWIRE) -- Car Charging Group, Inc. (OTCBB:CCGI), a nationwide provider of convenient electric vehicle (EV) charging services, has entered into an agreement with Forest City Enterprises, Inc., a national real estate company, to provide EV charging services at the Forest City properties located throughout the United States.
"With more than 200 retail, office and apartment properties nationwide, we believe that our partnership with Forest City will be extremely beneficial as we work to deploy EV charging stations nationwide," said Michael D. Farkas, Chief Executive Officer of Car Charging Group, Inc. "Forest City will benefit from our partnership by providing a valuable service to its environmentally conscious customers and supporting the Company's core value of sustainability. We recently completed our first installation for Forest City at the South Bay Galleria located in Redondo Beach, California."
"We are excited to be able to provide EV charging services at our properties where people shop, work, play, stay or live. As more and more drivers are choosing electric alternatives for their driving needs, it's important for us to support the requirements of these individuals at our properties," said Tom Gilkeson, Vice President of Retail Operations, Forest City. "We also support the environmental benefits of EV usage in keeping with our core value of sustainability."
Car Charging Group will install its EV charging stations at various Forest City properties and will offer charging services to EV drivers. Ownership of the EV charging stations will remain with Car Charging Group, but Forest City will share in the proceeds generated by the charging services provided at their properties.
"Forest City's portfolio of properties is very diverse and provides for several unique EV charging station installations," said Brian Golomb, director of sales for Car Charging Group, Inc. "We are particularly excited about our partnership which will significantly expand our nationwide EV charging network as well as provide EV drivers at Forest City properties the ability to conveniently charge up."
Car Charging Group will first work with Forest City to identify suitable locations at their properties, and then begin installing Level II, 240-volt, EV charging stations, manufactured by Coulomb Technologies, the leading EV charging solutions company. All the stations will have access to the ChargePoint® Network, the largest network of independently owned charging stations in the world. Car Charging Group will provide EV drivers flexible payment options and the ability to make reservations. Tracking of customer usage patterns, energy use and costs and revenues will all be provided via the ChargePoint Network's cloud-based software service plans for managing EV charging operations. Through the network, EV drivers benefit from ChargePoint mobile apps (iPhone, Blackberry and Android), mapping services and driver support services.
About Car Charging Group, Inc.:
Car Charging Group, Inc. (OTCBB:CCGI), headquartered in Miami, Florida, is the pioneer and one of the nation's fastest growing providers of EV charging services. CCGI is building a nationwide EV service, enabling all types of EV to charge anytime, anywhere throughout North America and ultimately in many high growth global markets. CCGI has more than 30 strategic partnerships with municipalities, shopping malls, parking garages, multi-family residential and commercial properties totaling more than six (6) million parking spaces with all partner locations expected to have high numbers of EVs at their locations. CCGI provides a comprehensive turnkey solution for all property owners where we install and maintain the entire infrastructure. Our partners benefit by sharing in the revenue generated from the EV charging service while enhancing green initiatives throughout their business operations. More than one million plug-in electric vehicles, such as the Nissan LEAF, GM Chevrolet Volt, Fisker Karma, Tesla Model S, Ford Focus EV as well as many others, are expected to be on the road in the U.S. by 2015 with estimates calling for more than 40 million on the road worldwide in 2030. For more information about Car Charging Group, Inc., please visit www.CarCharging.com.
Forward-Looking Safe Harbor Statement:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Those statements include statements regarding the intent, belief or current expectations of Car Charging Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed.
CONTACT: Investor Relations and Media Contact: For Car Charging Group, Inc. Kevin S. Inda Corporate Communications, Inc. (CCI) firstname.lastname@example.org 407-566-1180