Ecotality Inc., a U.S. provider of electric-vehicle charging systems, rose the most in more than two years after forming a joint venture to build charging stations in China.
Ecotality gained 35 percent to 56 cents at the close in New York, the most since August 2009.
Ecotality and China’s Changchun Eco-Power Technology Co. formed Tianjin Eco-Power Technology Co. to install chargers across China, according to a statement today. The venture will build and distribute equipment to provide power for two- and three-wheel vehicles, buses and airport ground-support units.
“China is rapidly expanding its leadership position in the electric vehicle market by implementing fleets and public transit applications that require high-power charging solutions,” Jonathan Read, chief executive officer of San Francisco-based Ecotality, said in the statement.
With today’s gain, Ecotality has a market value of $13.4 million. The joint venture is subject to the final approval of the Chinese government.