ECOtality, Inc. Announces 2009 Annual Financial
Results and Provides Shareholder Update
l Received $99.8 million Department of Energy Grant for Development of EV Infrastructure
l Gained Access to China Venture's $300 Million Financing Facility from China Construction Bank
l Completed Successful Capital Raise of $20.5 Million
l Converted $9.1 Million Debt to Equity
April 15, 2010 08:03 AM Eastern Daylight Time
PHOENIX--(EON: Enhanced Online News)--ECOtality, Inc. (OTCBB:ETLE), a leader in clean electric
transportation and storage technologies, announced today its financial results and operational updates for the financial
year to date for the period ended December 31, 2009.
Throughout the fourth quarter and fiscal year ended December 31, 2009, ECOtality reached numerous milestones.
The company’s leadership was acknowledged with the award of nearly $100 million from the United States
Department of Energy to pilot The EV Project, the largest deployment of EVs and charge infrastructure undertaken
in the United States. ECOtality also recently received a commitment through Shenzhen Goch Investment Limited for
a credit facility providing up to U.S. $300 million to ECOtality China for product financing of the company’s
networked electric vehicle (EV) charging systems to utilities, governments, and major commercial and retail clients in
global markets. In addition, the Company executed two joint ventures in China for the manufacturing and distribution
of EV infrastructure.
"The previous year was a time of rapid growth and monumental achievement at ECOtality,” said Jonathan Read,
President and CEO, ECOtality. “In addition to laying the essential groundwork for EV infrastructure in the United
States and gaining access to a $300 million credit facility, we have also eliminated debt, increased our assets and
begun to realize revenue through the DOE grant. We continue to strengthen relationships with numerous automobile
manufacturers and potential retail partners throughout the world in order to