WASHINGTON--()--ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation and storage technologies, today attended the unveiling of the White House’s American Recovery and Reinvestment Act (ARRA) Innovation Report. In front of major U.S. industry leaders and lawmakers, Vice President Joseph Biden released the analysis of the impact of Recovery Act Investments on accelerating the pace of innovation in the United States. The Report includes ECOtality and The EV Project as an example of federal ARRA funding stimulating investment from the private sector and other levels of government to build dynamic infrastructure, support renewable energy adoption and spark job creation.
“The success of ECOtality illustrates the critical role the Obama Administration has played in transforming the U.S. economy”
Vice President Biden singled out the electric vehicle industry as one best positioned to cement the United States as a leader in the competitive, high-growth industries of the 21st century, and noted the important role public-private initiatives play in achieving the administration’s economic goals.
“From the beginning, we have been a nation of discovery and innovation—and today we continue in that tradition as Recovery Act investments pave the way for game-changing breakthroughs in transportation, energy and medical research,” said Vice President Biden. “We’re planting the seeds of innovation, but private companies and the nation’s top researchers are helping them grow, launching entire new industries, transforming our economy and creating hundreds of thousands of new jobs in the process.”
According to the report:
Beyond manufacturing, another $400 million from the Transportation Electrification program is supporting electric vehicle deployment programs. Companies like ETEC [dba ECOtality North America] in Phoenix, Arizona will move the U.S. from less than 500 electric vehicle charging locations today to over 20,000 by 2012. These programs are also helping put the first 13,000 electric vehicles on the road, in more than a dozen cities. Recovery Act electric vehicle demonstration projects will show how electric cars perform under real driving, traffic, and weather conditions.
“The success of ECOtality illustrates the critical role the Obama Administration has played in transforming the U.S. economy,” said Jonathan Read, CEO of ECOtality. “The EV Project proves how smart government investment can drive business expansion and growth, as it has allowed us to expand our footprint dramatically and create jobs. We are able to put into place the infrastructure that will spark the consumer adoption of electric vehicles, and are deeply honored by the Administration’s continued commitment and support of new technologies.”
As the project manager of The EV Project, ECOtality North America is overseeing a $230 million public-private initiative to deploy a rich charging infrastructure. The project is funded in part by $114.8 million in stimulus funds, awarded through a grant from the Department of Energy (DOE). By July 2011, The EV Project will deploy nearly 15,000 charging stations in 16 cities across six U.S. states, as well as the District of Columbia. The project is expected to create more than 14,800 jobs.
The full report, “The Recovery Act: Transforming the American Economy Through Innovation,” can be downloaded here.
About ECOtality, Inc.
ECOtality, Inc. (NASDAQ:ECTY), headquartered in San Francisco, California, 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.