ECOtality’s Innergy Power to Develop and Manufacture Battery Systems for Electric Vehicle Applications
Innergy Power's battery systems for EV and PHEV applications to feature eTec's Advanced Charge Management technology to optimize fast-charge capabilities
SCOTTSDALE, Ariz. – June 16, 2008 – ECOtality, Inc. (OTC BB: ETLY), a leader in clean electric transportation and storage technologies, today announced immediate plans for its subsidiary, Innergy Power Corporation, to develop and manufacture advanced battery systems for electric vehicle (EV) and plug-in hybrid electric vehicle (PHEV) applications. Electric Transportation Engineering Corporation (eTec), also a subsidiary of ECOtality, will provide Innergy Power with its innovative Advanced Charge Management (ACM) technology that optimizes battery performance for fast-charging with the eTec Minit-Charger fast-charge systems and provides real-time battery condition information for users.
“With eTec’s extensive knowledge of electric vehicles, advanced batteries, and fast-charge systems, combined with Innergy Power’s ability to increase their battery manufacturing capacity, the move to develop and manufacture electric vehicle battery systems is a natural evolution of the synergies amongst our subsidiaries,” said Jonathan Read, president and CEO, ECOtality. “As the transportation industry shifts to EV and PHEV technologies, we see a tremendous market opportunity to provide fast charging stations and battery systems that can make electric transportation cost-effective, convenient and practical.”
The Innergy Power battery systems will be designed with eTec’s Advanced Charge Management technology that maximizes fast-charging capabilities and provides dual communication capabilities between the battery and the charging station to provide instant feedback to users about the state-of-charge, battery charging history and overall battery condition. Specifically designed for eTec Minit-Charger systems, Innergy Power’s battery systems will feature optimized fast-charging capabilities to enable an EV or PHEV to be charged in 10 to 15 minutes while eliminating the risks of overcharging and extending overall battery life. While Innergy Power’s advanced battery systems can be recharged overnight using standard 120V outlets, the ACM technology enhances fast charging capabilities to greatly reduce recharging time and provides an easy and convenient solution for recharging an EV or PHEV while on the go. Innergy Power will be custom designing these battery systems for use in various electric transportation applications including full-sized electric vehicles, plug-in hybrids, neighborhood electric vehicles, electric scooters and electric bikes.
“Our ability to significantly increase our battery production capabilities at our Tijuana, Mexico facility allows us to immediately capitalize upon the increasing demand for battery systems for hybrids, EVs and PHEVs,” stated Darrell Musick, president and CEO, Innergy Power. “By increasing our battery manufacturing for electric transportation applications, we will greatly benefit from eTec’s expertise and are poised for instant growth in expanding markets that will enhance our bottom line.”
Innergy Power Corporation, based in San Diego, California operates a manufacturing facility in Tijuana, Mexico and is the only North American manufacturer of both renewable energy solar modules and rechargeable batteries. eTec, who is working with major automotive manufacturers, national utilities, international research institutes and the U.S. Department of Energy (DoE) for its Advanced Vehicle Testing Activity (AVTA) program, has been involved in every North American EV initiative to date and is a leading provider of solutions for electric vehicles and its supporting infrastructure. For more information, please visit www.innergypower.com or www.etecevs.com.
About ECOtality, Inc.
ECOtality, Inc. (OTC BB: ETLY), headquartered in Scottsdale, Ariz., 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.
Press Contacts:
Colin Read
Marketing Director
cread@ecotality.com
(480) 219-5005
Investor Relations:
Alliance Advisors for ECOtality
Thomas Walsh
twalsh@allianceadvisors.net
(212) 398-3486
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