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

Fund Focus: Asian Frontier Capital Offers U.S. Investors Access To Untapped Markets

Mar 2 2015 | 6:47am ET

Hong-Kong based asset manager Asian Frontier Capital is making a capital raising...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk Management: The Due Diligence Challenge And Branding Opportunity

Mar 2 2015 | 8:41am ET

The hedge fund firms that make it easier for prospective investors to gain comfort...

 

Editor's Note