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ECOtality, Inc. (NASDAQ:
ECTY), a leader in clean electric transportation and storage technologies, today announced financial results for the quarter ended September 30, 2011.
Revenue for the third quarter 2011 grew to $9.5 million, an increase of 58 percent, compared with $6.0 million reported in the second quarter of 2011.
Third Quarter Financial Highlights:
EV Project revenue grew by $3.7 million to $6.8 million, compared with $3.1 million in the prior quarter
Installed approximately 4,400 Blink® residential and commercial chargers through October 2011
“We are pleased with our results and the meaningful progress we have made toward achieving our objectives,” stated Jonathan Read, President and CEO of ECOtality. “We achieved major industry milestones including obtaining UL certification of the Blink® DC Fast Charge system and subsequently installed the first DC Fast Charge stations with our national retail partners in Portland and Tennessee. In parallel with the roll-out of plug-in electric vehicles, we are actively installing Blink® chargers. ECOtality has currently installed approximately 4,400 Blink® charging stations to date and has collected over seven million miles of testing data for the EV Project.”
Read continued, “Looking forward, we will continue to execute and solidify our standing as the leader in the electric transportation infrastructure market. Our primary focus continues to be on rapidly expanding the national roll-out of our Blink® charging network in an effort to increase revenue, gross margin and overall profitability by leveraging our growing network.”
Recent Operational Highlights:
Received Underwriters Laboratories (UL) certification for the Blink® DC Fast Charge system
Installed the first Blink® DC Fast Charge system at the Hollywood Fred Meyer store in Portland, Oregon
Unveiled the first Blink® DC Fast Charger in Tennessee at the Lebanon Cracker Barrel Store
Awarded five-year $26.4 million contract for Advanced Vehicle Testing and Evaluation by the U.S. Department of Energy
Actively installed Blink® residential and commercial charging stations in all major EV Project markets
Three Month Financial Results for the Period Ended September 30, 2011:
The Company reported revenue of $9.5 million for the three months ended September 30, 2011 compared with $6.0 million for the three months ended June 30, 2011. The increase in revenue of $3.5 million, or 58 percent, is primarily related to work performed under the EV Project, which accounted for $6.8 million of revenue of the total $9.5 million in revenue in the three months ended September 30, 2011 compared with $3.1 million in the second quarter of 2011.