Electric transportation infrastructure company ECOtality Inc. reported that its revenues swelled by 95 percent in the second quarter, almost doubling year-on-year earnings from $1.7 million to $3.4 million.
The San Francisco-based company acknowledged that the increase was primarily driven by funding recently obtained from the United States Department of Energy.
ECOtality (Nasdaq:ECTY), which had an initial public offering in May, initially obtained a $99.8 million grant from the Energy Department in 2009 to execute the E.V. Project.
The project will deploy around 5,000 Nissan Leaf vehicles and 15,000 charging stations across 16 cities in the United States. It is touted as the largest deployment of electric vehicles and charging infrastructure in the country.
In July, the project received another D.O.E. funding worth $15 million, which ECOtality is required to match.
Aside from the expansion of the project to several new locations, the company said the inclusion of the Chevrolet Volt in the E.V. partnership boosted performance.
The E.V. Project’s scope now includes Washington, Oregon, California, Arizona, Tennessee and Texas, as well as the District of Columbia.
“The company’s focus is twofold. On the domestic front, we remain dedicated to the successful completion of the E.V. Project and collection of data on the largest ever electric vehicle deployment,” said Jonathan Read, president and chief executive.
Mr. Read revealed that the company is currently working out partnerships in the emerging markets in Asia, Australia and Europe.
“We believe our financial success will continue to grow exponentially over the next several quarters as the E.V. project progresses and the installation of charging stations begin on a much larger scale beginning towards the end of 2010,” said Mr. Read.
