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Scottsdale, AZ – ECOtality, Inc., parent company of MHEDA member Electric Transportation Engineering Corporation (eTec) has signed a letter of intent to enter into a joint venture with Shenzhen Goch Investment, Ltd., that will provide $15 million to establish manufacturing and distribution operations for electric vehicle (EV) charging systems in China. To support the company’s anticipated expansion, ECOtality received a combined $2.5 million direct investment.

“Shenzhen Goch Investment is a strong strategic partner that provides the knowledge and financial resources for ECOtality to successfully enter into the largest potential market for EVs and their supporting infrastructure—China,” states Jonathan Read, president and CEO of ECOtality.

“As electric vehicles are one of the most viable solutions for China’s energy and environmental concerns, we are working with multiple local governments and strategic partners in China to establish a robust charging network that will foster the public adoption of electric vehicles,” says Dr. Dongsheng Gong, founder and chairman of Shenzhen Goch Investment.

In exchange for exclusive sale and distribution rights for ECOtality’s charging stations in China, Shenzhen Goch Investment has agreed to invest $10 million into a manufacturing joint venture and $5 million into a sales and distribution joint venture with ECOtality. Of the $2.5 million in capital raised to support ECOtality’s domestic and international expansion, Shenzhen Goch Investment invested $2.0 million and current ECOtality institutional shareholders invested an additional $500,000.

Read the full story at etecevs.com.

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