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CarCharging to expand operations into China

Car Charging Group, Inc. (OTCQB: CCGI) (“CarCharging”), the largest owner, operator, and provider of electric vehicle (“EV”) charging services, announced that it plans to expand its operations into China beginning in the fourth quarter of 2014. Car Charging China Corp., a wholly-owned subsidiary of CarCharging, was created to capitalize on opportunities in China, including potential … Continued

Car Charging Group, Inc. (OTCQB: CCGI) (“CarCharging”), the largest owner, operator, and provider of electric vehicle (“EV”) charging services, announced that it plans to expand its operations into China beginning in the fourth quarter of 2014. Car Charging China Corp., a wholly-owned subsidiary of CarCharging, was created to capitalize on opportunities in China, including potential government sponsored programs, deploying infrastructure with CarCharging’s existing US-based partners that have locations in China, developing relationships with local companies, and expediting the development of EV charging stations in the world’s largest and fastest-growing automotive market.

The People’s Republic of China has stated its commitment to cleaner-burning vehicles, and earlier this year, the Chinese government stated its consideration to spend up to $16 billion (US) to build EV charging facilities across the country. To reduce pollution and conserve resources, China will also exempt electric cars and other types of clean burning vehicles from purchase taxes.

“As we near the end of 2014, what better way to prepare for the coming year than to expand our operations into China,” said Michael D. Farkas, CarCharging’s Founder and Chief Executive Officer. “Not only is this the largest and fastest-growing automotive market in the world, but the Chinese government is committed to confronting the pollution and environmental degradation that has coincided with the nation’s rapid growth. Within the transportation sector, this means helping to ensure that the mass adoption of electric vehicles and other new technologies is not tied to gasoline combustion. Given the  $16 billion dollars dedicated to the rollout of EV charging stations, we believe that it is an exciting time to expand our brand in this important market.”

Clearer Horizons LLC, headed by Michael Cheah Yee Seng and Michael Lew, is providing consulting services to the Company for its endeavor into the China market.

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