ECOtality Inc. (ETLY.OB) to Establish Joint Venture with Shenzhen Goch, Poised to Capitalize on Growing Electric Vehicle Market

In the company’s news yesterday,

ECOtality Inc. 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 ECOtality’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 ECOtality’s domestic and international presence.

“Shenzhen 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 – China,” Read stated in the press release. “As 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.”

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.

“As electric vehicles are one of the most viable solutions for China’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,” Dr. Dongsheng Gong, founder and chairman of Shenzhen Goch. “With ECOtality’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.”

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