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ABB plugs into electric car market with $10M ECOtality investment

The ABB Group, which relocated its North American corporate headquarters from Connecticut to Cary in 2009, has invested $10 million in San Francisco-based ECOtality (Nasdaq: ECTY) in a deal that gives ABB a foothold in the electric vehicle market.

ECOtality which is developing battery charging devices for electric vehicles, will use ABB products in its work, according to the agreement.

ABB, based in Switzerland, employs more than 500 in the Triangle and develops a range of power and automation devices.

“The partnership brings together ABB’s experience in smart grids, renewable energy and reliable, efficient power networks, with ECOtality’s leadership in North America’s growing market for electric vehicle infrastructure,” says Brice Koch, head marketer for ABB. “It is an ideal combination of skills that will provide the solutions customers are seeking to enable sustainable mobility while maintaining grid reliability.”
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