CarCharging(TM) Implements New Pricing Policy at per Kilowatt Hour Rates
Recent Regulations Permit EV Charging at per Kilowatt Hour Billing
MIAMI BEACH, FL -- (MARKETWIRE) -- 08/08/12 -- Due to the recent passage of new legislation, Car Charging Group, Inc. (OTCQB: CCGI) (OTCBB: CCGI) ("CarCharging"), a nationwide provider of convenient electric vehicle (EV) charging services, is pleased to announce that in certain states it will now set a price of $0.49 per kilowatt hour (kWh) for EV charging services, instead of billing according to a time-based pricing model. A per kWh rate for EV services is a much more equitable pricing structure, as EVs pull power from the grid at different speeds. As a result, a per kWh pricing solution adequately bills EVs for the amount of power consumed, rather than having to pay a flat fee or time-based fee. The states in which CarCharging will implement its new per kWh pricing policy include the following: California, Hawaii, Washington, Maryland, Virginia, Oregon, Florida, Colorado, Minnesota and Illinois (pending).
"The implementation of new pricing policies in these select states constitutes the next step in the evolution of the EV charging industry," said Michael D. Farkas, CEO of CarCharging. "CarCharging is pleased to be able to continue to provide EV charging services at competitive prices which commensurate with consumption for all EV drivers in these areas. Additionally, we hope that other states will adopt per kWh pricing policies, since we believe this will encourage EV adoption by consumers in the overall EV market."
CarCharging's services utilize EV charging stations manufactured by Coulomb Technologies, known as Level II, which provides 240 volts with 32 amps of power to quickly refuel an electric vehicle's battery. EV drivers can easily register and create a CarCharging account online, and attach a small card to their keychain to initiate use and payment at any intelligent CarCharging station. The CarCharging RFID card also allows drivers to use charging locations on the ChargePoint® Network, the largest national online network connecting EV drivers to EV charging stations. CarCharging also accepts direct payment via credit card.
Users can pinpoint EV charging station locations using the CarCharging map at http://www.CarCharging.com/. The ChargePoint® mobile application for the iPhone, Android, and Blackberry phones also provides real-time charging station location information with turn-by-turn directions. Drivers will soon be able to reserve a time slot, guaranteeing access to EV charging stations to recharge their electric vehicle.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) (OTCBB: CCGI) is a pioneer in nationwide public EV charging services, enabling drivers to easily refuel anytime, anywhere throughout the United States. CarCharging provides a comprehensive turnkey electric vehicle charging service to commercial and residential property owners. Employing the most advanced technology, CarCharging has built a robust, feature-rich network for EV charging.
Headquartered in Miami Beach, FL with offices in San Jose, CA and Barcelona, Spain, CarCharging's business model is designed to accelerate the adoption of public EV charging services. All installation, maintenance and related services are paid for by CarCharging, thus eliminating capital costs for property owners.
CarCharging has more than 40 strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities. CarCharging's partners include, but are not limited to Ace Parking, Central Parking, Equity One, Equity Residential, Icon Parking, Rapid Parking, Related, USA Parking, Walgreens, the Pennsylvania Department of Environmental Protection, the City of Miami Beach, the City of West Palm Beach, and the City of Norwalk, Connecticut that manage or own a total of 6.5 million parking spaces.
For more information about CarCharging, please visit www.CarCharging.com.
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. Car Charging Group, Inc. undertakes no obligation to update or revise forward-looking statements to reflect changed circumstances.
CarCharging Media Contact:
Sarah Ridley-Gal
Email Contact
CarCharging Investor Relations:
Constellation Asset Advisors, Inc.
(415) 524-8500
www.ConstellationAA.com