Key Developments: ECOtality Inc (ECTY.PH)
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24 May 2013
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Latest Key Developments (Source: Significant Developments)
Ecotality Inc Names H. Ravi Brar New CEO
Ecotality Inc announced that H. Ravi Brar will succeed Jonathan Read as the new president and chief executive officer of the Company, effective immediately. Brar joined ECOtality in November 2010 as chief financial officer (CFO). Read, an entrepreneur at heart, had served as ECOtality's president and CEO since its founding in 2005, and is leaving to explore new development opportunities. In addition to ascending to CEO, Brar has also been named to ECOtality's board. Brar and the Company's board have named Susie Herrmann acting CFO. Full Article
Ecotality Inc Files Lawsuit To Halt Illegal California PUC Agreement
Ecotality Inc announced that it has filed legal documents with the state’s First District Court of Appeal seeking to halt implementation of an agreement between the California Public Utilities Commission (PUC) and New Jersey-based company NRG Energy, Inc. The company alleges that the agreement, which was intended to settle NRG’s role in overcharging California energy ratepayers $940 million during the 2000-2001 energy crisis, instead rewards NRG by requiring only that the Company spend $102.5 million on its own EVCS business. Secondly, the Company alleges the PUC intervened outside of its authority in the private marketplace by endorsing one of multiple competitors, and indeed the most powerful, thereby handing the Company a monopoly over the nascent market in California. NRG is the successor entity to Dynegy Power Marketing, the firm blamed by the PUC for $940 million in price-gouging from 2000-2001. The PUC wishes to settle those energy crisis-related claims. The agreement requires only a $20 million payment to the PUC (which amounts to roughly 2% of the overcharges) and that NRG invest $102.5 million in establishing 1,200 electric vehicle charging stations throughout the state. NRG already invests in the EVCS industry through its subsidiary, eVgo. ECOtality also alleges that the agreement was negotiated behind closed doors, without public review or input. Full Article
Ecotality Inc Issues Q1 2012 Revenue Guidance Below Analysts' Estimates-Conference Call
Ecotality Inc announced that for the first quarter of 2012, it expects revenue to increase to a range of $9.5 million to $10.5 million excluding the $5 million license of revenue from ABB. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $11.6 million for the first quarter of 2012. Full Article
Ecotality Inc Partners With Regency Centers at 19 Locations Nationwide
Ecotality Inc announced a partnership with Regency Centers to install Blink® electric vehicle (EV) charging stations at 19 Regency locations nationwide. As the newest EV Project partner, ECOtality and Regency have worked together to identify the 19 sites and approximately 40 charging stations to be installed in EV Project markets in Arizona, California, Oregon, Tennessee, Texas and D.C. Full Article
Ecotality Inc To Install Blink Pedestal Chargers At Select Kohl’s Department Stores
ECOtality, Inc. announced a partnership with Kohl’s Department Stores to install Blink Pedestal electric vehicle (EV) charging stations at 14 Kohl’s locations nationwide. As the newest EV Project partner, Kohl’s will work together with ECOtality to identify sites for the charging stations in EV Project markets in California, Oregon, Washington, Arizona and Tennessee. ECOtality is in the process of installing a total of 42 Blink Pedestal charging stations across 14 Kohl’s locations across five key EV Project markets. Each Kohl’s store will have a minimum of two reserved parking spots for EVs, and several sites have up to four charging stations. ECOtality is the project manager of The EV Project and will oversee the installation of commercial and residential charging stations in 18 major cities and metropolitan areas in six states and the District of Columbia. The project will provide an EV infrastructure to support the deployment of EVs in these key markets. The project is a public-private partnership, funded in part by the U.S. Department of Energy through a federal stimulus grant and made possible by the American Recovery and Reinvestment Act (ARRA). Full Article
Ecotality Inc Partners With car2go To Launch First All-Electric Car-Sharing Program In North America
Ecotality Inc announced a partnership with car2go N.A. LLC, a subsidiary of Daimler North America Corporation, to provide electric vehicle charging infrastructure to support the first 100% electric car sharing program in North America. car2go’s all electric program will begin in San Diego in late 2011. The company provides a total of more than 40,000 members with more than 1,000 low-emission smart fortwo vehicles in four cities. Full Article
Ecotality Inc Closes $3.2 Million Over-Allotment Option
Ecotality, Inc. announced that it has closed the sale of an additional 1,275,000 shares of common stock at the public offering price of $2.50 per share for gross proceeds to the Company of $3.2 million, pursuant to the 30-day over-allotment option exercised in full by the underwriters in connection with ECOtality's underwritten public offering that closed on June 27, 2011. The full exercise of the over-allotment option brings the total number of shares sold by ECOtality in the public offering to 9,775,000 shares. The Company expects to receive an aggregate of approximately $22.7 million in net proceeds from the public offering after deducting underwriting discounts, commissions, legal fees, and offering expenses payable by the Company. ECOtality intends to use the net proceeds from this public offering primarily for working capital related to its $100.2 million cost reimbursable contract with the U.S. Department of Energy. The Company intends to use any remaining proceeds from this offering to expand its Blink infrastructure and for general corporate purposes. Roth Capital Partners acted as the sole book-running manager for the offering with ThinkEquity LLC and Craig-Hallum Capital Group acting as co-managers. Full Article
Ecotality, Inc. Prices Secondary Offering
Ecotality, Inc. announced the pricing of its secondary public offering of 8,500,000 shares of its common stock at a price to the public of $2.50 per share. ECOtality has also granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares to cover over-allotments, if any. Subject to the satisfaction of customary conditions, the offering is expected to close on or about June 27, 2011. Roth Capital Partners is acting as sole book-runner for the offering with ThinkEquity LLC and Craig-Hallum Capital Group acting as co-managers. ECOtality intends to use the net proceeds from this public offering primarily for working capital related to its $100.2 million cost reimbursable contract with the U.S. Department of Energy. The company intends to use any remaining proceeds from this offering to expand its Blink infrastructure and for general corporate purposes. Full Article
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