ECOtality, Inc. Announces Its China Venture’s
Access to $300 Million Financing Facility from
China Construction Bank
Facility Provides Financing for ECOtality Electric Vehicle Charging Systems to Accelerate EV Adoption
Worldwide
March 01, 2010 08:03 AM Eastern Time
PHOENIX--(EON: Enhanced Online News)--ECOtality, Inc. (OTCBB: ETLE), a leader in clean electric
transportation and storage technologies, announced today that Shenzhen Goch Investment Limited, the partner of
ECOtality’s joint venture in China (ECOtality China), has obtained a credit facility agreement with China
Construction Bank for a credit line of Renminbi (RMB)10 billion (U.S. $1.5 billion). Shenzhen Goch Investment has
committed to providing up to U.S. $300 million of the credit facility to ECOtality China for product financing of
ECOtality’s networked electric vehicle (EV) charging systems to utilities, governments, and major commercial and
retail clients in global markets.
“This financing facility represents a critical achievement in expanding ECOtality’s position as the world leader in EV
charging solutions,” said Jonathan Read, President and CEO of ECOtality, Inc. “The facility will provide ECOtality
China with the ability to offer advanced networked EV charging systems at a low cost to its customers. This credit
facility positions ECOtality to immediately capitalize upon substantial opportunities with international governments,
utilities and vehicle customers and will benefit consumers by reducing the initial cost of charging equipment
ownership, which, in turn, will accelerate EV adoption worldwide. This is a major milestone for creating value for our
shareholders as it provides us the capital needed to become the dominant player in the EV marketplace with no
current dilution to our shareholders.”
ECOtality China has access to, subject to approval on a project-by-project basis, the credit facility controlled by
Shenzhen Goch and held by China Construction Bank. Utilizing the resources of ECOtality China, ECOta