When Ecotality filed for bankruptcy protection last month in an Arizona court, Nissan North America said it would provide as much as $1.25 million in financing in order to keep the company going. Ecotality then had its request to have its auction delayed until next week denied, Plug In Cars reports, and so the winning bid last week was by Blink Acquisition. Blink Acquisition is a wholly-owned subsidiary of CarCharging Group, which paid $3.4 million for the Blink-related assets of Ecotality. That's a somewhat stunning considering that Ecotality was once the recipient of a $100 million contract from the US Department of Energy for its Blink charging-station network. The Blink assets now include the over "12,450 installed electric vehicle Level II charging stations, the 110 DC Fast charging stations, and the Blink network". It does not include the Minit-Charger fast-charging systems.
Before CarCharging Group stepped in, the only known bidder was California-based Tellus Power, a division of little-known Hong Kong-based company Tusai. The bid was believed to be for about $3 million. The Energy Department was scheduled to run an auction for Fisker Automotive's assets on Friday. The maker of the extended-range plug-in Karma isn't technically bankrupt, but it hasn't made a car in more than a year.
October 10, 2013, 4:00 PM EDT
Leading Electric Vehicle Charging Service Provider Intends to Purchase Blink's More Than 12,000 EV Charging Stations and Operating System
Blink Acquisition, a wholly-owned subsidiary of Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging"), a nationwide provider of convenient electric vehicle (EV) charging services, announced today that it has successfully won the bid to purchase the Blink related assets of ECOtality, a clean electric transportation and storage technology firm.
The assets included in the transaction are all of Blink's inventory, the 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.
"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," stated CarCharging's Chief Executive Officer, Michael D. Farkas.
The deal does not include Minit-Charger, which manufactures and distributes fast-charging systems for material handling and airport ground support vehicles; or ETEC LABS, ECOtality's research and testing resource for governments, automotive OEMs and utilities. The transaction is anticipated to close shortly.