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ECOtality's eTec Awarded $100 Million for Transportation Electrification
PHOENIX--(BUSINESS WIRE)--Electric Transportation Engineering Corporation (eTec), a subsidiary of ECOtality, Inc. (OTCBB: ETLY - News), a leader in clean electric transportation and storage technologies, has been selected by U.S. Department of Energy for a grant of approximately $99.8 million to undertake the largest deployment of electric vehicles (EVs) and charging infrastructure in U.S. history.
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Related Quotes Symbol Price Change ETLY.OB 0.2270 +0.1120
eTec, as the lead applicant for the proposal, partnered with Nissan North America to deploy EVs and the charging infrastructure to support them. The Project takes advantage of the early availability of the Nissan LEAF, a zero-emission electric vehicle, to develop, implement and study techniques for optimizing the effectiveness of charging infrastructure that will support widespread EV deployment. The Project will install electric vehicle charging infrastructure and deploy up to 1,000 Nissan battery electric vehicles in strategic markets in five states: Arizona, California, Oregon, Tennessee, and Washington.
“By studying lessons learned from electric vehicle operations and the infrastructure supporting these first 5,000 vehicles, the Project enables the streamlined deployment of the next 5,000,000 electric vehicles,” said Don Karner, President of eTec. “Nissan’s market leadership in electric vehicles affords us the unique opportunity to develop and study the charge infrastructure necessary to support the widespread deployment of EVs. eTec’s extensive experience in battery electric drive systems and electric vehicle charging infrastructure, combined with the support of Nissan and over 40 government and industry partners, will enable this Project to successfully pave the way for electric transportation nationwide.”
The Project will collect and analyze data to characterize vehicle use in diverse topographic and climatic conditions, evaluate the effectiveness of charge infrastructure, and conduct trials of various revenue systems for commercial and public charge infrastructure. With the goal of developing mature charging environments, the Project proposes to deploy charging infrastructure in major population areas that include Phoenix (AZ), Tucson (AZ), San Diego (CA), Portland (OR), Eugene (OR), Salem (OR), Corvallis (OR), Seattle (WA), Nashville (TN), Knoxville (TN) and Chattanooga (TN). To support the Nissan EV, the Project will install approximately 12,500 Level 2 (220V) charging systems and 250 Level 3 (fast-charge) systems.
“ECOtality is committed to enhancing America’s energy independence, accelerating the market acceptance of electric transportation and supporting President Obama’s goals for job creation and advanced electric drive vehicle deployment,” stated Jonathan Read, President and CEO, ECOtality. “This Project underscores America’s leadership role in clean electric transportation and exemplifies the Department of Energy’s strategic foresight and commitment to improving our environment and economy. By developing a rich charge infrastructure in each market, this Project will enable a successful consumer experience amongst early EV adopters and increase market demand for electric transportation.”
It is anticipated that more than 750 new employment positions will be generated by the proposed Project by 2012. In supporting the market launch of the Nissan EV, it is expected that over 5,500 new positions will be in place by 2017 as a direct result of the proposed Project.
On August 2, Nissan introduced the LEAF, an electric vehicle and the world’s first affordable, zero-emission car. Designed specifically for a lithium-ion battery-powered chassis, Nissan LEAF is a medium-size hatchback that comfortably seats five adults and has a range of 100 miles to satisfy real-world consumer requirements. The Nissan LEAF will launch in the United States in late 2010. U.S. production will begin in 2012, at Nissan’s manufacturing facility in Smyrna, Tennessee.
“Nissan appreciates the support of the Department of Energy in helping jumpstart the electrification of the transportation sector,” said Scott Becker, vice president, legal and general counsel, Nissan North America. “This is a major step in promoting zero-emission mobility in the United States. Nissan is looking forward to partnering with eTec to help make electric cars a reality and to help establish the charging networks in key markets.”
The U.S. Department of Energy will provide funding of up to $99.8 million that will be matched by Project participants. Federal matching funds will be used to design, deploy, and operate a mature charging infrastructure in support of future wide-scale deployment of EVs, and to evaluate the means to improve the effectiveness of this charging infrastructure.
More detailed information about this announcement, including FAQs, is available at www.ecotality.com. Broadcasters: interviews and b-roll are available for download at www.ecotality.com.
About eTec
Electric Transportation Engineering Corporation (eTec), a subsidiary of ECOtality, is a recognized leader in the research, development and testing of advanced transportation and energy systems. With over two decades of electric transportation experience, eTec has been involved in every electric vehicle initiative in North America since the 1990s. Utilizing its patented industry-leading charging algorithm, eTec operates the Minit-Charger line of battery fast-charge systems for on-road electric vehicle, transit, material handling and airport ground support applications. For more information, please visit www.etecevs.com or www.minit-charger.com.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB: ETLY - News), headquartered in Scottsdale, Arizona, 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.
Nissan North America
In North America, Nissan's operations include automotive styling, engineering, consumer and corporate financing, sales and marketing, distribution and manufacturing. Nissan is dedicated to improving the environment under the Nissan Green Program 2010, whose key priorities are reducing CO2 emissions, cutting other emissions and increasing recycling. More information on Nissan in North America and the complete line of Nissan and Infiniti vehicles can be found online at www.NissanUSA.com and www.infiniti.com. For media needs and b-roll, please see www.nissannews.com.
-------------------- I may be wrong, but I don't think so....
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Huge gap up this morning, one pre-market trade of $.49 after closing at $.31 yesterday. Was thinking somehwere between $.60 and $1.00 on this when the news came out yesterday, but has the chance to exceed those expectations IMO. Current b/a at $.39
ECOtality Inc. stock shot up like a rocket Wednesday following the announcement that the Scottsdale company and subsidiary Electric Transportation Engineering Corp. of Phoenix will get nearly $100 million in federal stimulus funds.
The penny stock (OTC:ETLY) rose nearly 170 percent to 31 cents per share Wednesday having traded between 2 cents a share and 17 cents in the past 52 weeks. That means the value of a $1,000 investment on Tuesday at 12 cents a share would be worth $2,583 after a single day.
The stock jump also ups the potential net worth of key ECOtality executives, according to the company’s recently filed proxy statement.
President and CEO Jonathan Read owns 5.65 million shares as well as 1 million options to buy stock at 4 cents a share and 1 million to purchase at 28 cents. Cashing those 4-cent options at the stock’s peak Wednesday would have netted him a $270,000 profit.
However, it is Secretary-Treasurer Harold Sciotto who owns the vast majority of shares — nearly 35.6 — accounting for 22 percent of ECOtality’s common stock. At the Aug. 5 close of 31 cents a share that holding translates to more than $11 million, pushing the value up by about $6.7 million overnight.
Sciotto, 68, retired from Sears Roebuck & Co. in 1993 and has served as a consultant to early-stage business ventures since 1989. He also served as CEO of ECOtality in 2005 and 2006.
The American Recovery and Reinvestment Act funding will help pay for an electric vehicle pilot program with Nissan Motor Corp. in Arizona and other U.S. cities. The program is to be headquartered in Phoenix with manufacturing of electric charging stations done locally as well as in Northern California.
ECOtality’s, formed in 1999, specializes in clean electric transportation and storage technologies. It currently has a maquiladora manufacturing facility in Tijuana and an assembly operation in Phoenix. As of Dec. 31, it had 45 employees, according to its annual 10-K report filed with the U.S. Securities and Exchange Commission.
Revenue in 2008 was $11.2 million, according to the 10-K, up from $2.59 million in 2007. ECOtality posted a net loss of $8.07 million, or 6 cents a share, down from a loss of $13.7 million the year before.
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Looks like some warrants were converted. Not sure if any insiders are selling though and doubt that it's anything more than MM manipulation and the warrants.
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I believe it is profit takers, just put in an order for more myself. With Nissan's new Leaf coming out and the 100 million grant, this to me is like getting into EXXON when they first came out. I'm going long on this one.
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When news of Grant first came out , I would have thought stock would go up alot more than it did.
Heck, back a few months when OSK received news of the government contract it went from $6 to $14 overnight. Now its at $25+. This one is a grant - all income and no expense. This should have moved already but maybe news isn't widespread yet.
-------------------- Only ONE good stock away from retirement!
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I would have thought so too, I have another one that got a big grant SNRY, it bubbled a bit and just sit there, building a big solar plant in west texas
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