US electric vehicle charger developer ECOtality gains access to $300m financing facility

1 March 2010

China-based cleantech investment holding firm Shenzhen Goch Investment, a partner of US clean energy storage and electric vehicle company ECOtality’s joint venture in China, ECOtality China, has obtained a credit facility agreement with China Construction Bank for a credit line of RMB10bn ($1.5bn).

Shenzhen Goch Investment has committed to providing up to $300m of the credit facility to ECOtality China for product financing of ECOtality’s networked electric vehicle charging systems to utilities, governments, and major commercial and retail clients in global markets.
Jonathan Read, president and CEO of ECOtality, said, ‘The facility will provide ECOtality China with the ability to offer advanced networked electric vehicle charging systems at a low cost to its customers. This credit facility positions ECOtality to immediately capitalise upon substantial opportunities with international governments, utilities and vehicle customers and will benefit consumers by reducing the initial cost of charging equipment ownership, which, in turn, will accelerate electric vehicle adoption worldwide.’

ECOtality China has access to, subject to approval on a project-by-project basis, the credit facility controlled by Shenzhen Goch and held by China Construction Bank. ECOtality said it will offer credit facilities of between three and nine years to governments, utilities and vehicle manufacturers globally to defray the initial costs of electric vehicle charging systems and encourage widespread use of ECOtality charging systems and the associated network.

Shenzhen Goch Investments was selected by China Construction Bank as one of its fifteen strategic clients in China to receive the $1.5bn credit facility.
Dr Dongsheng Gong, chairman of Shenzhen Goch Investments, said, ‘This credit facility is earmarked primarily for new energy and infrastructure projects and will support our various financing activities including export finance. ECOtality China, one of our key strategic investments, will be given priority access to this credit facility for up to $300m.’

In September 2009, ECOtality and Shenzhen Goch Investments signed definitive documents to establish two joint venture companies in China. Accordingly, $10m was provided by Shenzhen Goch to establish ECOtality China, a joint venture for the manufacture and assembly of electric vehicle charging equipment, and $5m for a joint venture to market and sell these charging systems in China.

Copyright © 2010 NewNet

Tags: electric vehicle, electric vehicle charger, energy storage

This story was published on Monday, March 1st, 2010 at 3:51 pm and is filed under Asia, deals, energy storage. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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