Car Charging Group, Inc. Announces Plans to Deploy Level 3 Fast Charging Stations Capable of Fully Charging an Electric Vehicle in Under 30 Minutes
Companies Continue to Facilitate Mass Adoption of Electric Vehicles by Eliminating Range Anxiety
MIAMI BEACH, Fla., Feb. 16, 2010 (GLOBE NEWSWIRE) -- Car Charging Group, Inc. (OTCBB:CCGI) today announced it plans to deploy Level 3 fast charging stations capable of fully charging an electric vehicle in 30 minutes or less. The charging stations, designed by Coulomb Technologies, in partnership with Aker-Wade Power Technologies, will be similar to gas pump type-charging stations in existence today, but will be powered by dedicated 480-volt, 125-amp circuits, which will provide for much more rapid charging. The availability of Level 3 charging will be an important step in bringing clean, emission-free electric vehicles to the mainstream.
"Charging at 480 volts will reduce charging times from as long as overnight to less than an hour, perhaps as little as 15 minutes," said Andy Kinard, President of Car Charging Group, Inc. "Fifteen minutes is only slightly longer than it takes to fill up a tank with gasoline."
Charging stations that provide 240 volts, called Level 2 chargers, can take less than half the charging time of 120-volt outlets, or Level 1 chargers. Typically, an 8- to-10-kilowatt battery needs three or four hours at Level 2 to be completely charged.
"Major automakers, such as Nissan, GM, Ford, Tesla, & Fisker, as well as many others are answering consumer demand for greener cars and are rolling out new models as early as this year. We believe that if these automakers can eliminate the largest obstacle facing the industry -- range anxiety -- electric vehicles could reach a mainstream market quickly. However, a conventional charger can take eight or more hours to charge an electric car, depending on the battery," said Kinard. "The deployment of faster and more efficient charging stations that eliminate range anxiety are necessary in order to ensure the adoption of the estimated 40 million plug-in electric vehicles expected on the roads by 2030 according to a study on the PHEV market conducted by the National Academy of Sciences."
Car Charging Group, Inc. is in the business of owning, providing and servicing electric car charging stations in designated parking areas of public and private property, such as multi family residential and commercial buildings, parking garages, municipalities, sporting venues and other convenient charging locations.
"Car Charging strives to provide the ability for the electric vehicle owner to have charging services in public areas," said Kinard. "The addition of a stand-alone gas pump-type station that has a comparable charge time to traditional gasoline fueling will create a revenue stream for gas station owners and better accommodate urban areas with little or no off-street parking." It is anticipated that the level 3 charging stations will be available in third quarter of 2010.
About Car Charging Group, Inc.
Car Charging Group, Inc. is an owner and provider of electric car charging stations with the mission to build-out a nationwide infrastructure, enabling vehicle owners to charge their electric cars anytime, anywhere. As part of its strategy, the Company owns, provides, installs and maintains electric vehicle car charging units and works with its landowner partners to identify appropriate locations for its charging stations. The Company seeks to provide convenient, safe and affordable charging stations away from home in customer-friendly public locations, including municipalities, shopping malls, and parking garages. With an estimated 40 million plug-in electric vehicles on the road by 2030, the need to establish charging station networks throughout the transportation infrastructure is critical to providing easy access to energy everywhere drivers live and work. By investing at the forefront of the electric car revolution, Car Charging Group seeks to become the leading provider of electric car charging stations. The Company initially plans to launch its service in the South Florida market and expand nationally and internationally over time. The Company's website can be viewed at 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.
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