ECOtality installed around 1,100 Blink chargers during the quarter, bringing the total number of charging stations to 6,700, and claiming the Blink network’s title as the world’s largest EV charging network.
San Francisco-based ECOtality, Inc. (NASDAQ:ECTY), operators of the Blink charging network and the EV Project, reported impressive financial results for the first quarter of 2012. Revenue increased 215% to a record $13.7 million, giving the company its first profitable quarter. Net income was $1.2 million, or $0.04 per share. Most of the revenue came from the EV Project and a Blink network licensing agreement.
ECOtality installed around 1,100 Blink chargers during the quarter, bringing the total number of charging stations to 6,700, and claiming the Blink network’s title as the world’s largest EV charging network. The company inked a $5-million licensing agreement with ABB, as well as several other significant deals.
“These achievements were driven in part by our new licensing agreement with ABB. Its follow-on investment, along with our recent management hires, ideally positions ECOtality for the successful execution of the EV Project and the national rollout of the Blink network,” said CEO Jonathan Read. “As the project manager of the EV Project, the largest EV research project ever undertaken, ECOtality continues to collect valuable insight into how to more efficiently and effectively build-out a national EV infrastructure. As we move forward in 2012, we look forward to accelerating the roll-out of our national Blink charging network, while further developing and testing numerous opportunities to monetize this network, as well as deriving continued benefits from the EV Project.”