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ECOtality Raises $15 Million in Equity for Electric Vehicle Infrastructure Technology

November 5, 2009
Source: Clean Edge News

ECOtality, Inc., a developer of clean electric transportation and storage technologies, recently announced it has entered into definitive agreements with institutional investors, including existing shareholders, for a capital investment of approximately $15.5 million in equity financing. In addition to the capital raise, the debenture holders of ECOtality will reportedly convert all $9.1 million of existing debentures and related warrants into equity.

The capital raise coincides with ECOtality's recent award of $99.8 million from the U.S. Department of Energy that was supplemented by an additional commitment of $8 million from the California Energy Commission for the largest deployment of EVs and charging infrastructure ever undertaken in The EV Project (www.theEVproject.com). In partnership with Nissan and over 40 different industry partners, ECOtality's subsidiary eTec is project manager for The EV Project which plans to deploy 10,950 Level 2 (220V) charging systems, 260 Level 3 fast-chargers and 4,700 Nissan LEAF zero-emission electric vehicles in five states.

According to the company, net proceeds of the investment funds will be utilized as working capital to support the initial requirements of the $99.8 million award from the Department of Energy and will provide ECOtality with the necessary financial capabilities to meet its anticipated expansion as a provider of electric vehicle (EV) charging infrastructure.