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EV Infrastructure Developer ECOtality Gets $300 Million Credit Line From Chinese Partner
March 2, 2010Source: Clean Edge News
ECOtality, Inc.,
a developer of clean electric transportation and storage technologies,
recently announced that Shenzhen Goch Investment Limited, the partner
of ECOtality's joint venture in China (ECOtality China), has obtained
a credit facility agreement with China Construction Bank for a credit
line of Renminbi (RMB)10 billion ($1.5 billion). Shenzhen Goch
Investment has committed to providing up to $300 million of the credit
facility to ECOtality China for product financing of ECOtality's
networked electric vehicle (EV) charging systems to utilities,
governments, and major commercial and retail clients in global
markets.
ECOtality China has access to, subject to approval on a
project-by-project basis, the credit facility controlled by Shenzhen
Goch and held by China Construction Bank. ECOtality says it will offer
3-9 year credit facilities to governments, utilities and vehicle
manufacturers in the U.S. and elsewhere to defray the initial costs of
EV charging systems for consumers and encourage early and widespread
use of ECOtality charging systems and the associated network.
In September 2009, ECOtality and Shenzhen Goch Investments signed
definitive documents to establish two joint venture companies in
China. Accordingly, $10 million was provided by Shenzhen Goch to
establish ECOtality China, a joint venture for the manufacture and
assembly of electric vehicle charging equipment, and $5 million for a
joint venture to market and sell these charging systems in China.