ECOtality Revenues Explode in Q1 2011

For over a year now, we kept you up to date with pretty much everything that moves in the electric vehicles charging industry. As we followed the major players and their actions, we've seen a great deal of activity, but until now there was no one to say whether this activity is worth anything or not.

Now that one of the biggest players on the market, ECOtality, posted its financial results for the first quarter of the year, we can safely say activating in this industry certainly pays off. The company reported that its revenue grew by 61 percent, to $4.3 million for the first quarter of 2011. The great increase in revenue is a direct result of the contract ECOtality has with the Department of Energy to install chargers through the EV Project.

“The $4.3 million in revenue in the first quarter reflects a stable increase in revenue that is a result of fulfilling our DOE contract and ramping up installations of Blink EV [electric vehicle] charging stations,” said Jonathan Read, ECOtality CEO.

“Going forward, ECOtality intends to monetize this undertaking in a manner that provides increased earnings to the company as we expand the Blink EV charging network and provide drivers a cost-effective alternative to petroleum-based fuels.”

For the remainder of the year, ECOtality will continue with the EV Project, which will remain the main source of revenue this year. For the near future, to compensate for the completion of the EV Project, ECOtality is looking to partner, for distribution and retail, with several major companies in the US, including Macy’s, Best Buy and Jones Lang LaSalle.