ECOtality, Inc. (OTCBB: ETLE), an Arizona-based company involved in electric vehicle infrastructure, announced today that it has access to a US$300 million line of credit through its Chinese joint venture partner.
Shenzhen Goch Investment Limited, the partner of ECOtality’s joint venture in China (ECOtality China), has obtained a credit line of Renminbi (RMB)10 billion (US$1.5 billion) from China Construction Bank. Shenzhen Goch US$300 million of those funds 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 September 2009, ECOtality and Shenzhen Goch Investments established joint venture companies to manufacture, market and sell electric vehicle charging equipment in China and abroad.
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, ECOtality will offer 3-9 year credit facilities to
governments, utilities and vehicle manufacturers in the U.S. and
elsewhere to defray the initial costs of EV charging systems for
consumers and encourage early and widespread use of ECOtality charging
systems and the associated network.
“The facility will provide ECOtality China with the ability to offer advanced networked EV charging systems at a low cost to its customers,” said Jonathan Read, President and CEO of ECOtality, Inc.
Dr. Dongsheng Gong, Chairman of Shenzhen Goch Investments said the remainder of the credit facility is earmarked primarily for other new energy and infrastructure projects.
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