ECOtality, Inc. (NASDAQ: ECTY | PowerRating), a leader in clean electric transportation and storage technologies, announced today that the U.S. Department of Energy has expanded The EV Project to include two new cities -- Los Angeles, California and Washington, D.C. -- and has broadened the offer of free home chargers to include qualified new owners of the Chevrolet Volt electric vehicle with extended-range capability. The expansion also adds an additional 1,000 Nissan LEAF zero-emission cars to the Project.
This expansion will be funded by a $30 million U.S. Department of Energy grant extension to ECOtality's EV Project, which was created through the American Recovery and Reinvestment Act ( ARRA). This new Federal grant extension includes $15 million of ARRA funding, which will be matched with $15 million in private funds, to reach the total of $30 million. ECOtality is the project manager for The EV Project, which began in October 2009 with an original grant amount of $99.8 million and the objective of creating new jobs, jump-starting the economy, reducing greenhouse gas emissions and lessening the country's dependence on fossil fuel. With the assistance of more than forty partners, The EV Project will deliver nearly 15,000 residential and commercial chargers to 13 cities in five states and the District of Columbia. The mission of the Project is to evaluate the use of electric vehicles and charging systems in diverse geographies and climates, then to use that information to build a foundation that will optimize adoption of electric vehicles nationwide.
With this expansion, ECOtality's EV Project, already the largest electric vehicle infrastructure project ever undertaken, will provide an additional 2,600 home chargers for owners of the Chevrolet Volt, as well as another 1,000 chargers for the zero-emission Nissan LEAF electric vehicles.
"Americans are ready to think differently about how they drive, and are ready to embrace electric vehicle technology," said ECOtality CEO & President Jonathan Read. "Through The EV Project, ECOtality is meeting the demand for new fuel sources by making EV charging simple, smart and available to everyone."
"Nissan is looking forward to bringing the Nissan LEAF and sustainable mobility to Los Angeles," said Eric Noziere, vice president, Corporate Planning, Nissan North America. "We have seen tremendous interest through early reservations from LA consumers. These 1,000 Nissan LEAF 100% electric cars and supporting charging infrastructure will help create a successful environment for electric vehicles as we approach the December launch of the Nissan LEAF. In total, Nissan is supporting The EV Project through 5,700 vehicles, nationwide."
The mission of The EV Project is to collect and study data that will ultimately characterize how consumers actually use EVs in a wide range of climate conditions and geographies, as well as to create a model that will allow charging infrastructure to grow throughout the United States as a sustainable, stand-alone business that does not require long-term government support. Inclusion of the Volt now allows for the study of performance and use patterns for electric vehicles with extended-range capability.
"Many Volt owners will plug their Volt into a normal 120-volt electrical outlet, charge overnight and drive to work in the morning using only battery power," said Tony DiSalle, Product and Marketing Director for the Chevrolet Volt. "For Volt owners who want to install a faster 240-volt charge station, we expect The EV Project to save them a significant amount of money. In addition, The EV Project enables Volt owners to play a role in developing our collective understanding of electric vehicles in the market."
ECOtality North America President and CEO Don Karner said, "We are very excited to expand our studies to include additional Nissan LEAF vehicles, to add the Chevrolet Volt, and to add the dynamic transportation environments of Los Angeles and Washington, D.C. Since The EV Project began last October, we have been busy working with regional stakeholders to plan an effective charge infrastructure deployment. We will soon be entering a new phase of The EV Project to deploy chargers in accordance with these plans."
ECOtality will present EV Project charge hardware in San Jose at Plug-In 2010, July 26 - 29th. For more information about The EV Project, please visit www.theevproject.com.
About ECOtality, Inc.
ECOtality, Inc. (NASDAQ:ECTY), headquartered in Tempe, 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.
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.
SOURCE: ECOtality, Inc.
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