ECOtality, Inc. Acquires Electric Transportation Engineering Corporation (eTec)

7 November 2007

ECOtality (earlier post) has acquired Electric Transportation Engineering Corporation (eTec), a company specializing in the fields of alternative-fuel, hybrid (HEV) and electric vehicles (EV) and infrastructures, and its affiliated companies for $6.25 million in cash and stock.

eTec developed and holds exclusive patent rights to the eTec SuperCharge—a smart fast-charging system, and designed, manufactured and installed public, commercial and residential recharging systems for the GM EV-1, Chrysler EPIC, and Ford Ranger electric vehicle programs.

The acquisition of eTec, combined with the previous announced acquisitions of Innergy Power Corporation and Fuel Cell Store, will provide ECOtality a revenue base of companies having combined trailing twelve month revenues of $9.39 million as of September 30, 2007. To continue to execute the company’s strategic growth plan and to complete the eTec acquisition, ECOtality successfully raised $3.5 million of capital from institutional investors.

In addition to the value of existing contracts with public and private entities through 2009 worth approximately $11.5 million, the eTec acquisition also brings experience in developing hydrogen powered vehicles and refueling systems provides synergies that will benefit the development of Hydrality—an on-demand hydrogen production and storage technology.