ECOtality, Inc. (ETLY.OB) has raised $15.5 million in equity financing and debt holders will convert all $9.1 million of existing debentures and related warrants into equity.
The company develops components and charging infrastructure for electric transportation and storage.
The proceeds will be used for working capital and to support the initial requirements of a $99.8 million award from the Department of Energy. An additional commitment of $8 million from the California Energy Commission for The EV Project is the largest deployment of EVs and charging infrastructure ever undertaken.
In partnership with Nissan and over 40 industry partners, ECOtality’s subsidiary eTec is project manager for The EV Project, which will deploy 10,950 Level 2 (220V) charging systems, 260 Level 3 fast-chargers and 4,700 Nissan LEAF zero-emission electric vehicles in five states.
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