Ecotality Gets $10 Million Investment From ABB

By Phoenix Business Journal

Ecotality Inc. has received a $10 million investment from ABB Group, putting the company in a position to be a supplier for the ongoing electric vehicle project.

San Francisco-based Ecotality (Nasdaq: ECTY), which has its North American operations based in Phoenix, received the equity funding along with an agreement to have ABB serve as a collaborative and strategic supplier.

Officials said the funds will be used to provide working capital for Ecotality, and ABB will now have two representatives serving on the Ecotality board.

ABB (NYSE: ABB), based in Zurich, Switzerland, has businesses built around power supplies and systems. Those areas will be helpful as Ecotality rolls out its electric vehicle charging stations in six states and Washington, D.C.

The U.S. Department of Energy has given Ecotality about $100 million to fund the $230 million project. The money came form the American Recovery and Reinvestment Act as well as private sources.

Phoenix and Tucson are among the cities that will be getting charging station starting this year.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/phoenix/news/2011/01/10/ecotality-gets-10-million-investment.html?ana=thestreet

Copyright bizjournals.com 2010

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