Tempe (PRWEB) June 4, 2010
ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation and storage technologies, has expressed its support of legislation, introduced in the U.S. House and Senate, that would greatly expand the national build out of electric vehicle charging infrastructure.
Two versions of the bi-partisan Electric Drive Vehicle Deployment Act of 2010 were introduced last week in the House by Reps. Ed Markey (D-Mass) and Judy Biggert (R-Ill.), and in the Senate by Sens. Byron Dorgan (D-ND), Lamar Alexander (R-Tenn.) and Jeff Merkley (D-Oregon). While the bills vary in their particulars, both would foster the widespread adoption of electric vehicles and infrastructure by supporting comprehensive programs to deploy up to 700,000 EVs over the next six years, as well as by extending and enhancing tax credits for consumers who purchase EVs or plug-in hybrids.
“ECOtality’s focus is to make electric vehicles easy to use and accessible to everyone by establishing rich charging environments in cities throughout the United States,” said ECOtality President and CEO Jonathan Read. “Through our partnership with the federal government on The EV Project, we have already jump-started the build-out of charging stations throughout the Western United States and in Tennessee. We are thrilled to see the federal government move to sustain its support of this essential national shift toward clean, renewable energy and away from dependence on fossil fuels.”
The EV Project commenced in 2009 with a stimulus grant of $99.8 million from the American Recovery and Reinvestment Act. With a total project value of approximately $200 million, the project will gather data on actual use of electric vehicles and charge infrastructure, providing specific information that will direct the way communities and businesses move to widespread adoption of electric transportation. For more information about The EV Project, please visit http://www.theevproject.com.
About ECOtality, Inc.
ECOtality, Inc. (NASDAQ:ECTY), headquartered in Tempe, Arizona, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit http://www.ecotality.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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