The company invests $10 million for a stake in ECOtality to supply technology for charging stations.
By Cecilia Galvin
January 12, 2011
ABB, a provider of power and automation technology, has invested $10 million in San Francisco-based ECOtality Inc., a clean electric transportation and storage technologies company.
ECOtality will use the investment to foster its expansion and finance initial requirements of the EV Project, a program to develop electric vehicle infrastructures in 16 major U.S. cities funded by a $115 million grant from the U.S. Department of Energy. The project involves installation of more than 15,000 chargers to support the deployment of 8,300 electric vehicles.
In addition, the companies will work together to develop charging technologies for electric vehicles that incorporate the advanced consumer interface and billing functionalities of…
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