CarCharging Grows By Thousands Of Percents, But Still Reports A Loss Of $24 Million in 2013
Car Charging Group, Inc., which is a nationwide owner, operator, and provider of electric vehicle charging services, in its latest financial report indicated huge growth in almost every area – all thanks to the acquisition of ECOtality together with Blink network (alongside 350Green, Beam Charging, and EVPass).
Just look at some of the highlights:
– The installed base of charging stations grew from 157 to 14,031, which represents an increase of over 8,837%.
– The net EV Charging service fees for the year grew nearly 1,860% from $16,743 to $327,971 with current monthly gross revenues of $95,797.
– Monthly kilowatt-hour (kWh) charging output grew from 2,492 to 374,188, which represents an increase of 14,916%.
– Inventory increased by over 3,745% with 2,423 EV charging stations held at the end of 2013 versus 63 at the end of 2012.
Michael D. Farkas, CarCharging’s Chief Executive Officer stated:
“2013 was an exceptional year for CarCharging. As a result of acquiring three EV charging service providers and the Blink Network, we were able to increase our EV charging locations, inventory, revenues, and resources.”
“We anticipate that 2014 will also provide major milestones for the company. Our participation in Nissan’s No Charge to Charge Program will help monetize the assets we developed organically or through acquisitions, our innovative mobile application, and our interoperability initiatives with Blink, GE, and SemaConnect, will vastly transform the accessibility of charging services for EV drivers.”
But then we looked at the Car Charging Group FORM 10-K and we saw an issue. More than $24 million in net losses. Ouch. Total revenues of $466,403 seems lows with all the cost, but who knows, maybe it will improve.
On the Car Charging Group website we see that nominal price is “Only $0.49 per KWh” or in some places “$2.00 – 2.99 per hour with a minimum of one hour required“. And Car Charging Group owns about 5,200 public Level 2 Blink stations with about hundred or so DC fast chargers (the previous number of 14,031 probably includes home EVSEs deployed by ECOtality).
“As a result of our acquisitions of four competitors, we currently have approximately 5,200 level 2 charging units and 105 DC Fast Charging EV Devices installed. As a result of recent partnerships with EV manufacturers, our network has broadened its offerings and includes units from numerous manufacturers, in addition to ChargePoint, whose charging units we have solely used in the past.”