“The joint ventures with Shenzhen Goch Investment expands ECOtality’s global leadership role in electric transportation and equips us with the required assets for immediate and successful penetration into the China market,” stated Jonathan Read, president and CEO, ECOtality. “We look forward to participating in China’s extraordinary transition to electric transportation and believe these joint ventures provide flexible and high-quality manufacturing operations to meet our anticipated growth and to service the increasing demand for our charging systems in Asia, the Middle East and Europe.”
According to a recent industry report by Pike Research, “Electric Vehicles on the Grid,” the global market for electric vehicle charging equipment is expected to become a $1.9 billion annual industry by 2015, in which China is expected to be the world leader in charging station installations with 47.8% of annual sales. ECOtality has worked on every North American electric vehicle initiative since the 1990s and has exclusive rights to the patented Minit-Charger technologies that can provide a safe and meaningful charge for an EV in approximately 15 minutes.
“As Tianjin is one of the 13 pilot cities in China that will pioneer the introduction of electric vehicles, this joint venture between Shenzhen Goch Investment and ECOtality will help provide the charge infrastructure that will enable Tianjin and China to achieve our new energy objectives,” said Dr. Dongsheng Gong, founder and chairman, Shenzhen Goch Investment. “ECOtality is the leader in electric transportation charging infrastructure, and we are excited to create a strong and prosperous partnership in China that will supply high-quality charging systems for industrial, airport and on-road electric vehicle applications around the world.”
In exchange for exclusive sales and distribution rights for ECOtality’s charging systems in China, Shenzhen Goch Investment agreed to invest $10 million into a manufacturing joint venture and $5 million into a sales joint venture with ECOtality. The definitive joint venture agreements were executed by Dr. Gong and Jonathan Read on Tuesday at the Tianjin Goch Hi-Tech Industrial Park, the anticipated site of the joint venture manufacturing facility.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB: ETLY), headquartered in Scottsdale, Arizona, 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.
About Shenzhen Goch Investment, Ltd (ÉîÛÚÊоŲßͶ×ÊÓÐÏÞ¹«Ë¾)
Shenzhen Goch Investment, headquartered in Shenzhen, China, is an investment holding company that focuses on high-tech, financial services, and commercial property development and operation with the combined asset value exceeding $300 million. Shenzhen Goch is the owner and operator of the recently established Tianjin Goch Hi-Tech Industrial Park, where the Tianjin government plans to invest a minimum $750 million in the 160-acre park to accommodate leading high-tech and clean tech companies. Shenzhen Goch was founded by Dr. Dongsheng Gong, a well recognized entrepreneur and business leader in China. Dr. Gong is the founder and CEO of SVG Financial, a leading financial service firm in China that was funded by leading venture investors including NEA and Cybernaut Growth Fund.
