SCOTTSDALE, Ariz.--(BUSINESS WIRE)--ECOtality, Inc. (OTCBB: ETLY), a leader in clean electric transportation and storage technologies, today announced it 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 today 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,” stated Jonathan Read, president and CEO, ECOtality. “As we prepare for the commercial launch of grid-connected vehicles, the direct investment and joint venture with Shenzhen Goch Investment allows us to strengthen and expand our U.S. operations by internationally extending the reach of our technology leadership.”

According to the recent industry report by Pike Research, “Electric Vehicles on the Grid,” by 2015 the global market for electric vehicle charging equipment is expected to become a $1.9 billion annual industry, in which China is expected to be the world leader in charging station installations with 47.8% of annual sales. ECOtality has worked on every North American electric vehicle initiative since the 1990s and has exclusive rights to the patented Minit-Charger technologies that can fast-charge an EV in 10-15 minutes.

“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,” said Dr. Dongsheng Gong, Founder and Chairman, Shenzhen Goch Investment. “With ECOtality’s advanced fast-charging technology and industry-leading experience in electric vehicle infrastructure, this partnership will provide cost-effective charging systems that will enable clean electric transportation in China and globally expand the accessibility of electric vehicle technologies.”

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. Ardour Capital Investments, LLC, acted as an advisor on this transaction.

About ECOtality, Inc.

ECOtality, Inc. (OTCBB: ETLY), headquartered in Scottsdale, Arizona, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit www.ecotality.com.

About Shenzhen Goch Investment, Ltd (深圳市九策投资有限公司)

Shenzhen Goch Investment, headquartered in Shenzhen, China, is an investment holding company that focuses on high-tech, financial services, and commercial property development and operation with a combined asset value exceeding $300 million. Shenzhen Goch is the owner and operator of the recently established Tianjin Goch Science & Technology Park, where the Tianjin government plans to invest a minimum $750 million in the 160-acre park to accommodate leading high-tech and clean tech companies. Shenzhen Goch was founded by Dr. Dongsheng Gong, a well recognized entrepreneur and business leader in China. Dr. Gong is the founder and CEO of SVG Financial, a leading financial service firm in China that was funded by leading venture investors including NEA and Cybernaut Growth Fund.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.