ECOtality (Nasdaq:ECTY) announced that it has completed a private placement of common stock and warrants to institutional investors. The company issued 5,123,423 shares of common stock at $1.60 per share. Gross proceeds were $8.2 million, and will be used for general corporate and working capital purposes.
“We are making good progress to advance our Blink Network and monetize our EV solutions,” said CEO Ravi Brar. “This capital raise helps us continue our operational momentum as we execute on our strategic initiatives to expand our diversified business lines and continue to build our business.”
San Francisco-based ECOtality is the project manager of The EV Project, a public-private research initiative that’s gathering data that will be used to support the deployment of America’s EV infrastructure. To date, it has installed over 8,300 residential chargers in 38 states.