Efforts to prepare for an electric vehicle revolution aren’t limited to the UK – now China too is getting in on the act after ECOtality signed a letter of intent to enter into a joint venture with Shenzhen Goch Investment Ltd to provide US$15million for manufacturing and distribution operations for electric vehicle charging systems.
ECOtality has also received a combined US$2.5million direct investment from Shenzhen Goch to support its expansion as the company attempts to break into what is the largest potential market for electric vehicles in the world.
A recent report by Pike Research estimated that by 2015 the global market for electric vehicle charging equipment will become a $1.9billion industry, with China expected to be the world leader. It is expected to account for 47.8 per cent of annual sales.
For ECOtality therefore, this represents a potentially huge breakthrough. It has exclusive rights to the patented Minit-Charger, which can fast charge an electric vehicle in just 10-15 minutes. The charger features real-time measurements to identify the battery’s ability to accept change and to help avoid over- or undercharging.
In exchange for the exclusive sale and distribution rights for ECOtality’s charging stations in China, Shenzhen Goch is investing $10million into a manufacturing joint venture and $5million into a sales and distribution joint venture.
