ECOtality, Inc. (OTCBB: ETLY), a leader in clean electric transportation and storage technologies, today announced that the company's CEO and President, Jonathan Read, is a part of the U.S. delegation visiting China for a wide-ranging discussion of energy efficiency and new-energy development strategies.
Mr. Read, along with 40 other delegates, joined Energy Secretary Steven Chu, Commerce Secretary Gary Locke and their Chinese counterparts in Beijing yesterday for a U.S. - China Clean Energy Roundtable. This session was an important part of the discussions taking place between the two countries during President Barack Obama's visit to China.
The delegation's discussion covered topics as diverse as shale gas, joint clean-energy research and an action plan for energy efficiency. Presidents Obama and Hu also announced a new U.S. - China Electric Vehicles Initiative designed to coordinate the countries' strong shared interest in the deployment of electric vehicles to stem the effects of climate change and to spur economic development.
ECOtality's participation in this delegation is significant. On September 16, 2009, the company announced it had signed agreements with Shenzhen Goch Investment, Ltd. (SGI) establishing two joint venture companies in China. The agreements include an investment of $10 million from SGI to fund a joint venture with ECOtality to manufacture and assemble electric vehicle charging equipment and $5 million to fund a joint venture to market and sell these charging systems in China.
Recent research indicates the global market for electric vehicle charging equipment is expected to become a $1.9 billion annual industry by 2015. China is expected to be the world leader in charging station installations with 47.8% of annual sales.
"We have been critically aware, for quite some time, of the importance of China as it makes its extraordinary transition to electric vehicles,” said Mr. Read, CEO, ECOtality. "It is hugely gratifying to see the support of President Obama and President Hu, and to witness the shared commitment of these two countries to taking the key steps necessary to deal with climate change and move toward renewable fuels.”
ECOtality continues to solidify its position as a world leader in electric-vehicle technology. ECOtality has worked on every North American electric vehicle initiative since the 1990s and has exclusive rights to the patented Minit-Charger technologies that can provide a safe and meaningful charge for an EV in approximately 15 minutes. ECOtality is also the lead grantee on The EV Project, an award of nearly $100 million from the U.S. Department of Energy. Next year, the Project will deploy 4,700 zero-emissions electric vehicles and 11,210 charging stations in five states including Arizona, Washington, Oregon, California, and Tennessee.
For more information about The EV Project, please visit http://www.theevproject.com/.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB:ETLY), 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.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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