President Obama would surely be upset if we failed to mention that ECOtality's massive EV Project comes comes courtesy of the U.S. Department of Energy and the American Recovery and Reinvestment Act. To date, the U.S. government has dished out upwards of $230 million to fund the the EV Project. Follow the jump for more info regarding ECOtality's EV Project.Texas is a leader in alternative energy sources, making it an ideal market for electric vehicles. As such, we recently announced Texas would be one of the first markets in the national launch for the Chevrolet Volt. The EV Project expansion to Texas markets will help make electric vehicles, like the Volt, a success in Texas and across the nation.
[Source: ECOtality, Inc.]
The EV Project Expands to Texas
Dallas/Fort Worth and Houston Added to Roster of Project Cities
ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation and storage technologies, has announced its second expansion of The EV Project, culminating in a robust charging infrastructure network in sixteen cities located in six states – Washington, Oregon, California, Arizona, Tennessee and Texas, as well as the District of Columbia. Overall, The EV Project will include the manufacture and installation of more than 15,000 chargers in residential and public locations throughout the United States.
"Data from Volt drivers in Texas will add another facet to The EV Project's understanding of the interaction between electric vehicles and charging infrastructure"
Purchasers of a Chevrolet Volt who qualify for EV Project participation in the Dallas/Fort Worth and Houston areas will receive a free home charger and credit toward the installation of the charger. The EV Project will gather and analyze data defining how these Volt purchasers utilize their vehicles and interface with their home charging infrastructure. "Data from Volt drivers in Texas will add another facet to The EV Project's understanding of the interaction between electric vehicles and charging infrastructure," said Don Karner, President of ECOtality North America and Project Manager of The EV Project.
"Texas has already been strategically engaged in preparing for the wide acceptance of electric vehicles," said ECOtality President & CEO Jonathan Read. "We believe our presence in the state will accelerate that process."
"Texas is a leader in alternative energy sources, making it an ideal market for electric vehicles," said Tony DiSalle, Product and Marketing Director for the Chevrolet Volt. "As such, we recently announced Texas would be one of the first markets in the national launch for the Chevrolet Volt. The EV Project expansion to Texas markets will help make electric vehicles, like the Volt, a success in Texas and across the nation."
The EV Project began last year, with grant funding through the U.S. Department of Energy from the American Recovery and Reinvestment Act. A $30 million extension of the grant funding was announced earlier this month. That Federal grant extension includes $15 million of ARRA funding, which will be matched with $15 million in private funds, to reach the total extension amount of $30 million. The total overall value of the project now stands at approximately $230 million.
For more information about The EV Project, please visit www.theevproject.com. For more information about the Chevrolet Volt, please visit www.Chevrolet.com/Volt.
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.