Ecotality gets $300 million credit line (Phoenix)
Ecotality Inc. has received a $300 million credit facility to help the company continue its expansion. An Ecotality subsidiary eTec is building out charging stations in Oregon.
China Construction Bank has provided a credit line of up to $1.5 billion to Ecotality and its partner in its China operations, Shenzhen Goch Investment Ltd.
From that amount, Shenzhen Goch is providing $300 million to the overall credit line as working capital to help with Ecotality’s expansion. The money will be made available to various governments, utilities and auto manufacturers to help distribute Ecotality-made products into an electric vehicle infrastructure.
The money will be made available via 3- to 9-year agreements.
“The facility will provide Ecotality China with the ability to offer advanced (electric vehicle) charging systems at a low cost to its customers,” said Jonathan Read, president and CEO of Scottsdale-based Ecotality.
Read the full report in the Phoenix Business Journal.
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