In recent news, Car Charging Group told investors that it has secured a partnership with Federal Realty Investment Trust (NYSE: FRT), a $5.6 billion dollar equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail assets, to install electric vehicle (NYSE:EV) charging stations across the REIT’s portfolio of 18.6 million square feet of retail assets in strategically selected metropolitan markets in the Northeast, Mid-Atlantic and California.
“This is an exciting partnership as it further expands our nationwide EV charging network,” stated Brian Golomb, director of sales for Car Charging Group, Inc. “These are also high-profile properties, which will bring even further awareness to the importance of EVs in the evolving U.S. transportation system.”
At these locations, Car Charging Group will install Level II, 240-volt, EV charging stations with access to the ChargePoint® Network, the largest global online network connecting EV drivers to unoccupied charging stations. Customers will be provided with the ability to track usage patterns, energy use, costs and revenues, all via the ChargePoint Network’s cloud-based software. EV drivers benefit from ChargePoint mobile apps (iPhone, Blackberry and Android), mapping services and driver support services.
“Federal Realty is committed to running our business in a socially responsible manner that balances our consideration for the environment with creating long-term value for our shareholders,” said Mike Kelleher, director of asset management of Federal Realty. “The partnership with Car Charging Group to install EV charging stations is the next step in the continual greening of our operations, which already includes the creation of biofuels through recycled oil and grease waste from restaurants at our Bethesda Row mixed-use development, LEED certifications at many of our recent developments as well as numerous energy efficiencies and minimized usage of natural resource at a number of properties throughout the portfolio.”
Michael D. Farkas, CEO of Car Charging Group, commented, “Besides the obvious environmental benefits, a big advantage of electric cars will be the ability to conveniently fuel your vehicle when you’re already stopped somewhere on your daily routine. Because of its prime locations across the nation, Federal Realty’s unique retail and mixed use destinations serve as popular gathering places within the communities, making them perfect locations to top off your EV battery while you shop or dine.”
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