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EX-10.4 - ECOTALITY, INC. | v207676_ex10-4.htm |
EX-10.3 - ECOTALITY, INC. | v207676_ex10-3.htm |
EX-10.2 - ECOTALITY, INC. | v207676_ex10-2.htm |
EX-10.5 - ECOTALITY, INC. | v207676_ex10-5.htm |
EX-10.1 - ECOTALITY, INC. | v207676_ex10-1.htm |
8-K - ECOTALITY, INC. | v207676_8k.htm |
Media:
Randall
Grilli
ECOtality
rgrilli@ecotality.com
(415)
977-1922
mailto:
|
Investor
Relations:
Alliance
Advisors for ECOtality
Thomas
Walsh
twalsh@allianceadvisors.net
(212)
398-3486
|
ECOtality
Secures $10 Million Investment from ABB
EV
Charging Station Provider Secures Equity Investment and
North
American Manufacturing Agreement
SAN FRANCISCO – January 10,
2010 –
ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation and
storage technologies, announced today that the Company has secured a $10 million
equity investment from ABB. In conjunction with the investment, ECOtality and
ABB have entered into a North American manufacturing agreement that establishes
a collaborative and strategic supplier relationship between the ABB Group and
ECOtality.
“We are
pleased to announce that we will be working with ABB, Inc. to further expand the
possibilities of electric transportation and make mass-consumer adoption a
reality,” stated Jonathan Read, CEO of ECOtality. “Combining ECOtality’s
twenty-plus years of experience in electric transportation with ABB’s expansive
reach in power electronics and their strong relationship with international
utilities will ensure we produce innovative and industry challenging EV charging
solutions. This agreement will allow us to benefit from the extraordinary ABB
global value chains, streamlines our sourcing and production capabilities and
allows for Blink charging systems to be powered by ABB’s industry leading power
electronics.”
Net
proceeds of the $10 million equity investment from ABB will be utilized by
ECOtality as working capital to support the continuing requirements of the EV
Project and will provide the Company with necessary funding to meet its
anticipated expansion as a leader in electric vehicle (EV) charging
infrastructure. As part of the transaction, ABB will have two representatives
appointed to ECOtality’s Board of Directors. In addition, ECOtality and ABB have
formed a manufacturing agreement establishing ABB as the preferred supplier of
ECOtality’s power electronics and component parts in North America. ABB and
ECOtality will work together to develop innovative charging technologies for
electric vehicles (EV) that incorporate the advanced functionalities of
ECOtality’s Blink™ EV charging stations, currently available through the Blink
Network.
“The
partnership brings together ABB’s experience in smart grids, renewable energy
and reliable, efficient power networks, with ECOtality’s leadership in
North America’s growing market for electric vehicle infrastructure,” said
Brice Koch, head of ABB Marketing and Customer Solutions. “It is an ideal
combination of skills that will provide the solutions customers are seeking to
enable sustainable mobility while maintaining grid
reliability.”
ECOtality’s
current set of Blink EV charging solutions include the Blink Level 2 Home
Charger for residential use, as well as the Blink Level 2 Pedestal Charger and
Blink DC Fast Charger for commercial, fleet, and public locations. The Blink DC
Fast Charger, introduced in October 2010, is capable of providing a full charge
in less than 30 minutes. All Blink charging stations include smart features that
allow consumers and utility companies the ability to perform better energy
management, smart meter management and interaction, and demand response
capabilities. Additional capabilities are provided through the Blink Network; a
web-portal that provides data about consumers’ EVs, charging, and all Blink
charging stations.
Both
companies will also promote the use of ECOtality’s EV Micro-Climate™ process to
develop EV infrastructure roll-out plans for various projects. The EV
Micro-Climate process, developed in conjunction with The EV Project, is a
systematic approach that evaluates a variety of regional factors that influence
EV infrastructure deployment. Taking into consideration EV market data,
transportation routes, population density and zoning, the process helps develop
blueprints to allow for the smart deployment of charging stations; to fuel
consumer adoption of EVs.
ECOtality
is project manager of The EV Project and will oversee the installation of 15,000
commercial and residential charging stations in 16 cities and major metropolitan
areas in six states and the District of Columbia. The project will provide an EV
infrastructure to support the deployment of 8,300 EVs. The project is funded by
the U.S. Department of Energy through a federal stimulus grant of $114.8
million, made possible by the American Recovery and Reinvestment Act
(ARRA). The grants are matched by private investment, bringing the total value
of the project to approximately $230 million.
About
ECOtality, Inc.
ECOtality,
Inc. (NASDAQ:ECTY), headquartered in San Francisco, California, is a leader in
clean electric transportation and storage technologies. Through innovation,
acquisitions, and strategic partnerships, ECOtality accelerates the market
applicability of advanced electric technologies to replace carbon-based fuels.
For more information about ECOtality, Inc., please visit
www.ecotality.com.
About ABB
ABB
(www.abb.com) is a leader in power and automation technologies that enable
utility and industry
customers to improve their performance while lowering environmental impact. The
ABB Group of
companies operates in around 100 countries and employs about 117,000
people.
Forward-Looking
Statements
This
release contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All forward-looking statements are inherently
uncertain as they are based on current expectations and assumptions concerning
future events or future performance of the company. Readers are cautioned not to
place undue reliance on these forward-looking statements, which are only
predictions and speak only as of the date hereof. In evaluating such statements,
prospective investors should review carefully various risks and uncertainties
identified in this release and matters set in the company's SEC filings. These
risks and uncertainties could cause the Company's actual results to differ
materially from those indicated in the forward-looking statements.
###