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ECOtality to raise $15.5 million in equity financing

Nov 05, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --

Company: Ecotality Inc (ETLY)

ECOtality, Inc., a US-based developer of clean electric transportation and storage technologies, has entered into definitive agreements with institutional investors, including existing shareholders, to raise $15.5 million in equity financing. 

Deal Value (US$ Million) 15.5
Deal Type                Private Placement
Sub-Category             None
Deal Status              Announced: 2009-11-04

Deal Participants 

Target (Company)   ECOtality, Inc.
Acquirer (Company) Undisclosed Investors

Deal Rationale

The net proceeds from the placement will be utilized by ECOtality as working capital to support the initial requirements of the $99.8 million award from the Department of Energy and for its expansion.

Copyright (C) 2009 Datamonitor Financial Deals Tracker. All rights reserved

News Provided by COMTEX

Company: Ecotality Inc (ETLY)


Related terms: energy, equity, expansion, Private Placement

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