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ECOtality Files for Move to Nasdaq

Scottsdale, Arizona-based ECOtality, Inc. (OTCBB: ETLE), a US company involved in electric vehicle infrastructure, has filed an application to list its common stock on the NASDAQ Capital Market.

In the U.S., ECOtality’s subsidiary, eTec (Electric Transportation Engineering Corporation), is the project manager for a large-scale rollout of electric vehicle infrastructure supported by the Department of Energy (DOE).

The so-called EV Project, which will deploy 10,950 220V-charging systems, 260 fast-chargers and 4,700 Nissan LEAF zero-emission electric vehicles in five states.

Smart grid software company GridPoint, is one of 40 industry partners involved with the project.

Last fall, the U.S. Department of Energy--through the American Reinvestment and Recovery Act (ARRA)--awarded nearly $100 million to the project. With a match from partners, the total project value is approximately $200 million.

Earlier this year, the company announced creation of ECOtality Australia Pty. Ltd., headquartered in Brisbane, Queensland. In Australia, the company is marketing and distributing battery-charging equipment to on-road electric vehicles (NYSE:EV), industrial equipment, and electric airport ground support equipment (NYSE:GSE).

In 2009, ECOtality also entered into a joint venture with China’s Shenzhen Goch Investment, LTD., providing $15 million to establish manufacturing and distribution for EV charging systems in China.

“We believe the move to the NASDAQ Capital Market is the next logical step in the Company’s future growth and will allow our Company to gain exposure and be recognized by a broader segment of the investment community,” said ECOtality President and CEO Jonathan Read. “As we move forward with the deployment of EV infrastructure on a global scale, a NASDAQ audience will allow us to attract additional investors and improve shareholder value.”


Disclosure: no positions