Ecotality Inc. (ECTY) shares plunged to the new 52W low on Friday’s trading session most likely based on investors fear after Romney’s campaign ad. Romney draws parallels between the government loans went to Solyndra (note: Solyndra got $535 million loan and filed for Chapter 11 bankruptcy soon thereafter) and the U.S. Department of Energy (DOE) money that went to Ecotality.
Review the latest company’s developments:
- Ecotality had been doing work under grants from the U.S. Department of Energy for more than 20 years;
- The company is in the middle of deploying the $230M’s EV Project, of which the DOE is funding half with the other half of funds coming from private investors
- Ecotality posted $22.5 million loss in 2011 and a $16.4 million loss in 2010 but for the first quarter 2012 it turned a $1.2 million profit on record revenue in reaping the rewards of the growing rollout of electric vehicles and its charging system.
- In March 2012 the Zurich-based ABB, a business specializing in industrial and electric products, has invested $10 million in Ecotality Inc. and plans to license that company’s electric vehicle chargers. Ecotality goal is to expand its products into Europe and eventually globally through ABB.
Market over-reaction, it is. We put ECTY on the bounce watch. That’s all, folks.
ECOtality North America
430 South 2nd Avenue
Phoenix, Arizona 85003
Tel: 602.716.9576
Fax: 602.256.2606
ECOtality, Inc. (NASDAQ: ECTY), headquartered in San Francisco, California, is a leader in clean electric transportation and storage technologies with a history in electric transportation dating back to 1989.
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