Ecotality Rises on Charging-Station Venture 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.
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