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ECOtality Looks Beyond Its Biggest Customer: The Government : Greentech Media

ECOtality Looks Beyond Its Biggest Customer: The Government

The EV charging company needs to build a sustainable business after its government grants end.

For the past four years or so, the fortunes of publicly traded green transportation company ECOtality (ECTY) have been riding on one big customer. That’s the Department of Energy, which in 2009 pledged $115 million in grants to the EV Project, a grand experiment in rolling out plug-in vehicle charging infrastructure across fifteen metro areas in the United States.

But that money isn’t going to last forever, as ECOtality’s 2012 earnings report this week made clear. The Phoenix-based company reported record revenues of $54.7 million for 2012, up 93 percent from $28.4 million in 2011, and a 2012 loss of $2.3 million, or 10 cents a share, compared to 2011’s loss of $6.7 million.

The news was good enough to boost ECOtality’s stock price to $1.30 in Tuesday trading, its biggest gain in three years, and shares were still trading up Wednesday morning. Still, that’s a far cry from the $10-per-share range that ECOtality shares commanded back in 2008 and 2009, when its EV Project plans were just getting underway.



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