21:40 | 28.01.2010
Energy Secretary Chu Recognizes ECOtality/eTec for EV Progress
U.S. Department of Energy Secretary Steven Chu today recognized ECOtality,
Inc. (OTCBB: ETLE),
and its wholly owned subsidiary, eTec
(Electric Engineering Transportation Corporation), for the company’s
work toward establishing robust electric vehicle charging infrastructure
in the United States. Secretary Chu made his remarks at the Washington
Auto Show in Washington, D.C. today during a news conference to announce
financing that will enhance U.S. electric vehicle manufacturing.
“eTec is working on the largest EV infrastructure deployment in the
world, and we are working very closely to get EVs on the road,” said
Secretary Chu. “We need charging stations and infrastructure – it is
very important.“
Secretary Chu announced that the Department of Energy has closed a $1.4
billion loan agreement with Nissan North America, Inc. The loan will
support the modification of Nissan’s Smyrna, Tenn., manufacturing plant
to produce the Nissan LEAF, a zero-emission, all-electric vehicle, and
the lithium-ion battery packs to power them.
In August 2009, ECOtality’s subsidiary, eTec, was awarded a federal
stimulus grant of nearly $100 million from the U.S. Department of Energy
(DOE).
The grant is funded through the American Recovery and Reinvestment Act
(ARRA), with the goal of creating thousands of new jobs, preserving
existing jobs and jump-starting the economy.
The $100 million DOE grant is facilitating The
EV Project, the largest rollout of electric vehicle
infrastructure in the United States. With a match from project partners,
The EV Project has a total value of more than $200 million, and will
support electric vehicles with home-base, commercial and public chargers
in major markets in five states: Arizona (Phoenix & Tucson areas),
Washington (Seattle area), Oregon (Portland, Salem, Corvallis and
Eugene), California (San Diego) and Tennessee.
eTec President and CEO Don Karner attended the announcement as a guest
of Secretary Chu. Karner said, “The EV Project is paving the way for
widespread acceptance of electric vehicles, and we are proud to be
working with the Department of Energy to achieve the goal to create jobs
and end our dependence on foreign oil.”
For more information about The EV Project, please visit www.theevproject.com.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB:ETLE),
headquartered in Scottsdale, Ariz., 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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