MEMPHIS, Tenn.--(BUSINESS WIRE)--ECOtality, Inc. (NASDAQ: ECTY), a leader in clean electric transportation and storage technologies, today announced the addition of Memphis to The EV Project, the largest rollout of electric vehicles and charging infrastructure in the United States. The company also revealed that residents throughout the entire state of Tennessee are now eligible to receive $2,500 in state funded vehicle incentives for participating in The EV Project, making the state the project’s largest geographical region.
"The state of Tennessee is pleased by the strong level of interest from Memphis and other West Tennessee communities regarding The EV Project," said Ryan Gooch, director, Energy Policy, Tennessee Department of Economic and Community Development. "Today's announcement demonstrates there is truly widespread statewide interest in EV technology and that bodes well for expanded adoption in the future."
As the 18th region to join the project, ECOtality will work closely with local stakeholders, including the Tennessee Valley Authority, to determine the best sites for public charging station locations. As part of its Micro-Climate™ process, ECOtality will take into account the location of major regional employers, transportation corridors, commercial centers and area attractions to develop a plan that best manages the rollout of public charging infrastructure. ECOtality has already completed the planning process for three other Tennessee cities—Nashville, Knoxville and Chattanooga.
“We are very excited to be included in this progressive initiative. The Memphis area is so integral to the commerce and transportation needs of the entire country, which means we have an environmental, economic and moral imperative to be a civic leader in advancing the deployment of electric vehicles throughout our community,” stated Memphis Mayor AC Wharton, Jr. “My thanks to Nissan North America, MLGW, TVA and ECOtality for their partnership and support on this effort.”
“Expansion of the EV Project to Memphis is good news for the city, the state of Tennessee and for TVA,” said Kim Greene, TVA group president of Strategy and External Relations. “Electricity as a transportation fuel can reduce emissions and provide other benefits that are important to TVA’s renewed vision to be among the nation’s leading providers of cleaner and low-cost energy by 2020.”
Tennessee is an original pilot launch market for The EV Project, and in recent months has made major strides in EV adoption. Last year, the state of Tennessee contributed additional funding to The EV Project to support its expansion in the state and maximize the amount of commercial charging stations deployed in the four project cities and along major connecting transportation routes.
"Nissan is thrilled The EV Project will now include Memphis," said Tracy Woodard, director, government affairs, Nissan North America Inc. "The Nissan LEAF is the world's first affordable, all-electric vehicle available to the mass market, and will meet the daily driving needs of many residents of Memphis and Shelby County."
Tennessee is an initial launch market for the Nissan LEAF, and will be the manufacturing home of the vehicle in 2012. With the statewide expansion of The EV Project, all Tennessee LEAF customers who qualify to participate in The EV Project will receive a free Blink Level 2 wall mount charging station, and either a free or substantially subsidized residential installation. In addition, the first 1,000 qualifying purchases of the Nissan LEAF in Tennessee will be eligible to receive an additional $2,500 in vehicle incentives.
“The state of Tennessee has emerged as a critical proving ground for electric vehicles, and we are excited to electrify the streets and neighborhoods of Memphis,” said Jonathan Read, CEO of ECOtality. “With the largest geographic footprint of any region in The EV Project, we will provide the rich charging infrastructure necessary to spark the consumer adoption of EVs statewide—and deploy the hundreds of miles of electric freeway needed to take EVs beyond their 100-mile radius.”
Parties interested in participating in The EV Project can email Paula Smith, at the ECOtality Tennessee Regional Office, at email@example.com, or by calling (615) 823-7299, for more information. For information about the state incentives, contact the Nissan Contact Center at 1-877 NO GAS EV (664-2738).
As the project manager for The EV Project, ECOtality will oversee the installation of commercial and residential charging stations in 18 cities and major metropolitan areas in six states and the District of Columbia. The project will provide an EV infrastructure to support the deployment of 8,300 EVs. The project is funded by the U.S. Department of Energy through a federal stimulus grant of $114.8 million, made possible by the American Recovery and Reinvestment Act (ARRA). The grants are matched by private investment, bringing the total value of the project to approximately $230 million.
About ECOtality, Inc.
ECOtality, Inc. (NASDAQ:ECTY), headquartered in San Francisco, Calif., 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 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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