Ecotality Gains on Plans to Expand Chargers: San Francisco Mover
Ecotality Inc. (ECTY), the operator of the second-largest U.S. network of public electric-car charging stations, rose to the highest in more than a year after announcing plans to increase its number of chargers by 25 percent.
Ecotality gained 7.8 percent to $1.11 at the close in New York, the highest since March 5, 2012. The shares have more than doubled this year.
The company, based in San Francisco, said today it’s adding about 225 chargers at Kroger Co. (KR) stores, mostly in California and Arizona. The expansion is part of the company’s plan to increase to 5,000 its network of about 4,000 public units, Chief Executive Officer Ravi Brar said in an interview.
Ecotality last month announced an agreement to link its network with Campbell, California-based ChargePoint Inc., the largest operator of car-charging stations, giving drivers access to about 90 percent of the approximately 15,000 stations in the U.S.
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