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Maker of EV Charging Units Files for Bankruptcy
San Francisco-based Ecotality Inc., which received a $100 million loan from the U.S. Dept. of Energy four years ago to commercialize electric vehicle charging services, has filed for bankruptcy.
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San Francisco-based Ecotality Inc., which received a $100 million loan from the U.S. Dept. of Energy four years ago to commercialize electric vehicle charging services, has filed for bankruptcy.
The company sold charging systems in nine markets from California to Washington, D.C., under the Blink brand for consumers and Minit Charger for operators of electric material handling and airport ground support vehicles. Corporate customers included Cracker Barrel restaurants, Kohl's, Kroger, Ikea and Kimpton Hotels.
But the American EV market has failed to develop quickly enough to support Ecotoality's business plan. The company has reported a cumulative net loss of $49 million over the past three years.
Last month Ecotality said it might be forced to liquidate or sell itself. The warning prompted its stock price on the NASDAQ to plunge from about $1.50 to 12 cents. The company and five affiliates plan to auction their assets on Oct. 9.
Ecotality's DOE grant was awarded in 2009 to help develop the EV Project, a network of EV charging stations in major U.S. cities.
The company says Nissan Motor Co., producer of the Leaf EV, has offered to provide as much as $1.25 million of financing to maintain operations during the bankruptcy. Court approval is required for that loan.
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