EV Infrastructure Firm ECOtality Raises $15.5M

Nov 10 2009 | 10:31am ET

ECOtality, Inc., the Arizona-based provider of electric vehicle (EV) recharging infrastructure, has entered into agreements with institutional investors for a capital investment of approximately $15.5 million in equity financing.

ECOtality charging stationECOtality charging stationIn addition to the capital increase, the debenture holders of ECOtality will convert all $9.1 million of existing debentures and related warrants into equity.

ECOtality CEO Jonathan Read says the financing will provide working capital to support the initial requirements of the company’s recent $99.8 million grant from the U.S. Department of Energy (DOE), under which it will launch “the largest deployment of electric vehicles and charging infrastructure in history.”

Known as The EV Project, it will see the deployment 10,950 Level 2 (220V) charging systems, 260 Level 3 fast-chargers and 4,700 Nissan LEAF zero-emission electric vehicles in five states. It will involve ECOtality, Nissan and over 40 other industry partners.

Concurrent with the transaction, ECOtality will provide the required notice to the Financial Industry Regulatory Authority (FINRA) to enact a 1:60 reverse stock split approved by shareholders at the August 26, 2009 Annual Shareholder Meeting.


In Depth

OmniQuest Capital: Why Funds of Hedge Funds Work

Aug 11 2016 | 4:47pm ET

There have been few sectors of the alternative investment universe under as much...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...