SOURCE: Car Charging Group, Inc.

Car Charging Group, Inc.

December 09, 2015 08:30 ET

CarCharging Announces 2014 Annual Report

Largest Electric Vehicle Charging Service Owner, Operator, and Provider Realized Continued Growth in 2014

MIAMI BEACH, FL--(Marketwired - Dec 9, 2015) - Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest owner, operator, and provider of electric vehicle (EV) charging services, announced its financial results for the fiscal year ended December 31, 2014. During 2014, CarCharging completed numerous initiatives and enhancements to the Blink Network.

2014 Highlights*

  • EV Charging hardware sales grew nearly 11x from $47,636 to $565,057
  • EV Charging Service fees grew nearly 4x from $307,663 to $1.49M
  • Grant/rebate revenue recognized grew nearly 10x from $90,796 to $950,358
  • Annual kilowatt-hour charging output grew nearly 4x from 281,107 to 1.46M

The Company's audited financial results appear in the Company's Annual Report on Form 10-K, which was filed with the SEC on Tuesday, December 8, 2015.

"2014 was a transitional year for CarCharging as we integrated the four EV charging providers that were acquired in 2013," stated Michael D. Farkas, CarCharging's Chief Visionary Officer. "In 2014, CarCharging converted contracts with large retailers, parking management firms, and property owners from ECOtality to CarCharging, resumed sales of Blink HQ, a residential EV charging station, adjusted EV charging fee pricing policies; and introduced various Blink Network enhancements, including kilowatt-hour (kWh) pricing and remote start functionality from the Blink mobile app. CarCharging also began participating in Nissan's No Charge to Charge program, which provided an additional stream of revenue for the company."

The company will continue to work diligently on completing and filing its 2015 quarterly financials.

About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.

Through its subsidiary, Blink Network, CarCharging also provides residential EV charging solutions for single-family homes. For more information, please visit www.BlinkHQ.com.

CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities.

For more information about CarCharging, please visit www.CarCharging.com, www.facebook.com/Car.Charging, or www.twitter.com/CarCharging.

Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. 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 conditions.

Contact Information

  • Investor Relations and Media Contacts:
    CarCharging Media Contact:
    Suzanne Tamargo
    Suzanne@CarCharging.com
    (305) 521-0200 x 214