SYRACUSE — Synapse Sustainability Trust, Inc. of Syracuse is selling its network of electric-vehicle charging stations in the region to a nationwide provider of charging services. Car Charging Group, Inc. of Miami Beach, Fla. announced plans March 12 to acquire the network from Synapse. Synapse is a nonprofit focused on sustainable environmental initiatives. Financial terms […]
SYRACUSE — Synapse Sustainability Trust, Inc. of Syracuse is selling its network of electric-vehicle charging stations in the region to a nationwide provider of charging services.
Car Charging Group, Inc. of Miami Beach, Fla. announced plans March 12 to acquire the network from Synapse. Synapse is a nonprofit focused on sustainable environmental initiatives.
Financial terms of the deal were not disclosed.
The local network includes 68 stations at sites including Destiny USA, the Towne Center at Fayetteville, the State University of New York College of Environmental Science and Forestry, Syracuse University, and the Oncenter in Syracuse and the JFK Arena in Rome. The network also includes stations in the Westcott neighborhood and a total of 39 stations at commuter parking locations in downtown Syracuse.
As a nonprofit, the Synapse Trust is in a position to take on innovative projects ahead of their time, says Eckardt Beck, executive director of the trust. Once those initiatives have achieved a measure of success, they can be moved to a for-profit entity.
Beck notes the trust began building the local network when electric0vehicle sales were rarer than they are now.
The sale to Car Charging will foster better rates for the network’s users, he adds.
Car Charging operates 1,200 electric vehicle charging stations around the country. As a result, the firm can often negotiate better electric rates for its network since it’s such a major consumer of power, Beck says.
Beck says he met Car Charging CEO Michael Farkas about two years ago and the pair had been discussing rolling the Synapse network into Car Charging for awhile.
In addition to better rates, users of the Central New York network will now have access to stations nationwide, Beck notes. The local stations and Car Charging’s units all use the same software so drivers will be able to easily find all of them with Web searches.
The New York State Energy Research and Development Authority (NYSERDA) was a partner on deploying the Synapse network. With the acquisition, Car Charging will administer a pending NYSERDA grant that involves installing charging stations throughout upstate New York.
Beck will join Car Charging’s board of directors when the acquisition closes.
The Synapse deal continues Car Charging’s push into an attractive market, Farkas says. At the end of February, the company announced a deal for Beam Charging, LLC, a major provider of charging stations in the New York City area.
Car Charging installs charging stations at private residences and public locations like store parking lots and parking garages. The firm owns, maintains, and operates the units and offers subscription services for users.
Car Charging expects to add to its network in the metro area and Upstate, Farkas says. Without enough charging stations, he adds, it’s tough to offer a subscription model.
“We believe New York has a lot of potential,” he says. “We believe [electric vehicle] drivers are everywhere.
Sales of electric vehicles are growing, according to Car Charging. Sales in January this year were more than 300 percent higher than a year earlier and sales in February this year were up nearly 330 percent from the same month in 2012, according to the company.
The firm is in the process of opening a sales and maintenance office in New York City as a result of the acquisitions. The three-person office will be responsible for the company’s efforts throughout the Northeast, Farkas says.
Car Charging employs 17 people now.
Car Charging will make use of Beck’s expertise in the Syracuse and may also look to add a sales presence in the market at some point.
Contact Tampone at ktampone@cnybj.com