ECOtality headed for Nasdaq
ECOtality Inc., the parent company of ECOtality North America, which is charged with seeding Oregon with electric vehicle charging stations, announced Thursday that it will start trading its shares on the Nasdaq Capital Market.
The company's stock will trade under the symbol ECTY and shares are expected to start trading on the Nasdaq exchange before the end of the month.
Phoenix-based ECOtality, which announced a name change for its charging-station subsidiary (formerly known as eTec) earlier this week, had been trading over the counter under the symbol ETLE.
“The transition to NASDAQ gives ECOtality much greater exposure to large institutions and funds, as well as much more transparency for the market; the result is a more accurate evaluation of our company and an increase in shareholder value,” said ECOtality President and CEO Jonathan Read in a press release.
ECOtality secured a $99.8 million stimulus grant from the U.S. Department of Energy in October to develop and install a network of 12,000 charging stations for electric vehicles across five states: Oregon, Washington, California, Arizona and Tennessee.
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