Isra-Mart srl:ABB delivers $10m boost for speedy EV charge point firm

www.isra-mart.com

Isra-Mart srl news:

Power giant ABB has entered the electric vehicle market by investing $10m (£6.4m) in fast-charge point manufacturer Ecotality, marking another step forwards for the nascent industry in what is widely expected to be its breakthrough year.

Ecotality yesterday announced it has secured a $10m equity investment from ABB to expand and finance its EV Project, a government-backed programme to develop electric vehicle infrastructure in 16 major US cities.

The two firms also confirmed they have signed a new North American manufacturing agreement, which will see ABB act as the preferred supplier of electronics and components to Ecotality's Blink DC Fast Charger.

Ecotality claims its charger, introduced in October last year, can completely charge an EV battery in less than 30 minutes. The deal marks another boost for Ecotality, which has also been working in partnership with car maker Nissan since 2009 on charging technology.

Ecotality chief executive Jonathan Read said the deal would enable the firm to rapidly increase production and expand its business.

Meanwhile, Brice Koch, head of ABB marketing and customer solutions, said the two firms will now combine their expertise to help improve technology.

"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," said Koch.