ECOtality Inc. moves through innovation, acquisitions and strategic partnerships to maintain its position as a leader in clean electric transportation and storage technologies. The company has focused on the electric vehicle (EV) market since the 1990s, which is expected to grow to nearly $2 billion in the next six years.
The company today announced it has signed a letter of intent to enter into a joint venture with Shenzhen Goch Investment Ltd., a China-based investment holding company focused on high-tech, financial services and commercial property development. The joint venture is in line with ECOtalityâ€™s business plan and will provide $15 million for manufacturing and distribution operations for electric vehicle (EV) charging systems in China, $2.5 million of which ECOtality received today.
Jonathan Read, president and CEO of ECOtality, said the relationship with Shenzhen Goch will strengthen ECOtalityâ€™s domestic and international presence.
â€œShenzhen Goch Investment is a strong strategic partner that provides the knowledge and financial resources for ECOtality to successfully enter into the largest potential market for EVs and their supporting infrastructure â€“ China,â€ Read stated in the press release. â€œAs we prepare for the commercial launch of grid-connected vehicles, the direct investment and joint venture with Shenzhen Goch Investment allows us to strengthen and expand our U.S. operations by internationally extending the reach of our technology leadership.â€
According to a recent report by Pike Research, the EV market is expected to reach $1.9 billion by 2015, with China leading the industry on a global scale, securing 47.8 percent of annual sales of charging station installations.
â€œAs electric vehicles are one of the most viable solutions for Chinaâ€™s energy and environmental concerns, we are working with multiple local governments and strategic partners in China to establish a robust charging network that will foster the public adoption of electric vehicles,â€ Dr. Dongsheng Gong, founder and chairman of Shenzhen Goch. â€œWith ECOtalityâ€™s advanced fast-charging technology and industry-leading experience in electric vehicle infrastructure, this partnership will provide cost-effective charging systems that will enable clean electric transportation in China and globally expand the accessibility of electric vehicle technologies.â€