ECOtality Acquires Electric Transportation Engineering Corporation (eTec)

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ecotality-logo(Source: ECOtality) Scottsdale, Ariz. – ECOtality, a renewable energy company that acquires and commercially advances clean electric technologies and applications, announced that it has acquired Electric Transportation Engineering Corporation (eTec) and its affiliated companies for $6.25 million in cash and stock.

Specializing in the fields of alternative-fuel, hybrid (HEV) and electric vehicles (EV) and infrastructures, eTec is a recognized leader in the research, development and testing of advanced transportation and energy systems.

The company also developed and holds exclusive patent rights to the eTec SuperCharge - a smart fast-charging system that extends battery life without the destructive effects of overcharging. As of November 6, 2007, eTec will operate as a subsidiary of ECOtality; there will be no changes to the company’s management team.

The acquisition of eTec, combined with the previous announced acquisitions of Innergy Power Corporation and Fuel Cell Store, will provide ECOtality a revenue base of companies having combined trailing twelve month revenues of $9.39 million as of September 30, 2007. To continue to execute the company’s strategic growth plan and to complete the eTec acquisition, ECOtality successfully raised $3.5 million of capital from institutional investors.

“The acquisition of eTec allows us to further grow financially, technologically and strategically in the areas of clean energy creation, storage and delivery,” said Jonathan Read, president and CEO, ECOtality. “Through successful execution of our strategy to acquire and commercially advance revenue-generating companies and technologies such as eTec, ECOtality has become a diversified renewable energy company that will be a leader in changing the way we consume energy. With major automakers and federal agencies focused on advancing hybrid and plug-in electric vehicles, eTec’s expertise in transportation, electrical infrastructure and industrial fast-charge systems expands our presence in the consumer market.”

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Image: ECOtality, Inc

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