The EV Project named one of the U.S.'s Most Innovative and Effective Recovery Act Projects Nationwide
ECOtality, Inc. (NASDAQ: ECTY), a leader in clean electric transportation and storage technologies, today announced the company has been named #33 in Vice President Joe Biden's recent report, "100 Recovery Act Projects that are Changing America." ECOtality was recognized for the company's role as the project manager for The EV Project, the world's largest deployment of electric vehicle (EV) infrastructure.
"We are honored that Vice President Joe Biden acknowledged ECOtality's work with The EV Project for the positive contributions it has made to the environment and the economy," stated Jonathan Read, CEO of ECOtality. "We are dedicated to providing the U.S. government with a maximized return on their investment. We are creating jobs and sparking economic growth while successfully planning and constructing the infrastructure necessary to support the mass adoption of electric vehicles within the United States."
The EV Project will include the installation of approximately 15,000 charging stations in 16 cities in six states, as well as Washington, D.C., and will place 8,500 EVs on the road. The project was established last year with a grant of $114.8 million from the U.S. Department of Energy (DOE), funded by the American Recovery and Reinvestment Act (ARRA). The grants are matched by private investment, bringing the total value of the project to approximately $230 million.
"With Recovery Act projects like these, we're starting to turn the page on a decade of failed economic policies and rebuild our economy on a new foundation that creates good middle class jobs for American families," said Vice President Biden in an earlier announcement. "And we're not engineering this transformation alone – Recovery Act projects like these are drawing billions in private capital off the sidelines to help recharge our economy."
ECOtality recently announced the completion of EV Project blueprints in Tennessee and San Diego, with more to follow. The addition of the new infrastructure, from the initial planning phase through construction, will promote job growth; ECOtality has already hired an additional 50 workers since the start of the project, with plans to hire more. In addition, the company estimates an additional 1,485 indirect jobs will be created over the course of the project.
"ECOtality is pleased to support the goals of the Recovery Act by creating more jobs for American citizens," said Don Karner, President of ECOtality North America. "In addition, our work with the EV Project will allow us to draw greater investments into clean tech infrastructure and drive the new energy economy."
The Vice President's report highlights some of the most innovative and effective Recovery Act projects across the country that are not only putting people back to work now, but helping transform our economy for years to come. The full text of the report is available here: http://www.whitehouse.gov/sites/default/files/100-Recovery-Act-Projects-Changing-America-Report.pdf.
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.
Forward-Looking Statements
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.
Contacts:
Media:
Antenna Group for ECOtality
Caitlin
Cieslik-Miskimen, 415-977-1922
caitlin@antennagroup.com
or
Investor
Relations:
Alliance Advisors for ECOtality
Thomas Walsh,
212-398-3486
twalsh@allianceadvisors.net
