5:47 | 28.01.2010
President Honors ECOtality/eTec in State of the Union Address
In his State of the Union address tonight President Barack Obama honored
Arizona-based ECOtality,
Inc. (OTCBB:ETLE), a leader in clean electric transportation and storage
technologies, and its wholly-owned subsidiary, eTec,
with a reference to the companies and to the vital role they play in job
growth and in renewing the national economy.
President Obama said, “The plan that has made all of this possible, from
the tax cuts to the jobs, is the Recovery Act. That’s right – the
Recovery Act, also known as the stimulus bill. Economists on the left
and the right say that this bill has helped save jobs and avert
disaster. But you don’t have to take their word for it. Talk to the
small business in Phoenix that will triple its work force because of the
Recovery Act.”
That Phoenix business, mentioned by President Obama, is ECOtality’s
subsidiary eTec. The company is the project manager for The EV Project,
and, with its 40+ project partners, will oversee the largest-ever
rollout of electric vehicle infrastructure in the United States. Last
fall, the US Department of Energy – through the Recovery Act – awarded
nearly $100 million to create that infrastructure, support renewable
energy and most importantly, to create jobs.
Jonathan R. Read, CEO of ECOtality said, “The President’s
acknowledgement of our company is a strong vote of confidence for the
transformative work we are doing, and a tribute to all our employees who
have participated in making us a cutting-edge force in this emerging
electric-vehicle industry.”
The
EV Project will deploy 4,700 zero-emissions electric vehicles and
will establish approximately 11,210 electric vehicle charging stations
in home-base, commercial and public locations to support the public
adoption of plug-in vehicles in major markets in five states: Arizona
(Phoenix & Tucson metropolitan areas), Washington (Seattle area), Oregon
(Portland, Salem, Corvallis and Eugene), California (San Diego) and
Tennessee (Chattanooga, Knoxville and Nashville).
Although The EV Project is only a few months old, it is already
responsible for the creation of 15 new jobs in 2009, with another 27
anticipated in 2010. Work to expand eTec’s facility in Phoenix injected
cash into the local economy and kept another nearly 50 people employed
through the contractors involved in the construction. An estimated 750
jobs are likely to be created over the life and scope of the project.
eTec President & CEO Don Karner attended the speech tonight in the House
of Representatives chamber as a guest of First Lady Michelle Obama. (For
a complete list of the First Lady’s guests, please click
here.)
Karner said, “It is hard to find the words to describe how honored and
privileged I am to be here. The work we are doing with our partners on
The EV Project is critically important, because it will inform the way
electric vehicle infrastructure is established in the United States and
around the world.”
Read said, “Under Don’s guidance, eTec has been the leader of this
business for more than two decades, and those of us in the ECOtality
organization are incredibly proud tonight.” He added, “The President
remarked that he has never been more hopeful about the future of the
United States than he is now. We share that hope and that optimism, and
are deeply grateful for Administration’s confidence in us and in our
partners in The EV Project.”
For more information about The EV Project, please visit www.theevproject.com.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB:ETLE),
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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