EV Charging Station Maker Ecotality Files For Ch. 11 Bankruptcy, Potential Asset Sale

TTAC Staff
by TTAC Staff
ev charging station maker ecotality files for ch 11 bankruptcy potential asset sale

EV charging system maker Ecotality has filed for Chapter 11 bankruptcy protection from its creditors, saying that it wants to sell its assets in an auction. The Associated Press is reporting that Ecotality might be forced to sell or file for bankruptcy after the U.S. government suspended payments as part of the Department of Energy EV Project. Ecotality, based in San Francisco, makes charging and power-storage systems for electric vehicles under the Blink and Minit Charger. It also makes charging stations for Nissan’s Leaf brands, and provides testing services for government agencies, auto makers and utilities. The company now says that it would prefer to sell its assets through a court approved bankruptcy auction.

Ecotality has received funding from the state of California and the federal governments of Australia and the United States, including more than $100 million in funding from the Department of Energy since 2009. The Energy Department suspended payments to Ecotality last month after the company said that it might not be able to find new financing to meet benchmarks demanded by the DoE program.

Ecotality lost $9.6 million in 2012 on $54.7 million in revenue, an improvement over its $22.5 million loss in 2011. However, the charging station maker said in a SEC filing in August that it was not selling sufficient commercial products to sustain operations through the end of 2014. The company had recently announced that due to “unacceptable performance” during testing it would not release a new industrial Minit Charger as scheduled. If all that bad news was not enough, Ecotality is also facing an investor lawsuit based on allegations of failing to meet federal securities laws.

Join the conversation
24 of 36 comments
  • One by one the dominoes of Government subsidized/commanded/mandated Electric Vehicles begin to fall. Nobody wants EV at the prices they are trying to push them on the public. Make an EV that costs $30,000 and is the size of the Chevy Malibu/Sonata/Camry/Accord, or an EV that's the size of the 201 Impala for $45,000 and then we'll talk.

    • See 13 previous
    • Rolosrevenge Rolosrevenge on Sep 20, 2013

      Plenty of people seem to want a Model S at the price of the Model S. But their target demographic were paying that much for their cars anyhow.

  • JD321 JD321 on Sep 19, 2013

    It is imperative that we increase atmospheric CO2 since the current 350 PPM level is FAR too low for biological life to flourish. 350 PPM is also the lowest CO2 level ever recorded on Earth. In order to rid Earth land mass of ice and desert, the atmospheric CO2 level needs to be about 4000 PPM. EV transportation can help but only if electrical current is generated using HCs like coal and natural gas...the process also blows a lot of particulate crap and radioactive material into the air. The real problem is that ExxonMobil can recharge a 600 mile range car in about 2 minutes. That is by FAR a greater human value than shoving electrons into a chemical goo.

    • See 4 previous
    • KixStart KixStart on Sep 19, 2013

      @KixStart Yes, it's a crap story. Our summer ice minimum, by volume, is about 20% of what it was 3 or 4 decades ago. This "recovery" is a tiny fraction of that and it's not likely to continue. A couple of scientists got the exact date of the culmination of some complex phenomena wrong? Golly! That sure overturns decades of well understood science and 100 years of trends! Not.

  • Ash78 Ash78 on Sep 19, 2013

    Left, down, right, left, down, right, X, X, Square ECOTALITY!!!!

  • SCE to AUX SCE to AUX on Sep 19, 2013

    EV chargers are a commodity, which is why I bought a Schneider Electric charger for $750 for my Leaf, rather than pay $2k for the official Nissan charger. I don't know what this company's problems were, but I'd guess they died due to old-fashioned competition. The Leaf is the best-selling EV, so I think they're just making excuses. Bosch now has a charger for $350.

    • VoltOwner VoltOwner on Sep 19, 2013

      Yeah what killed Ecotality was that they tried to take the DOE money AND take MORE money from Leaf buyers. Horror stories about huge install estimates, followed by buyers realizing that they could just get their supplied 120V unit upgraded to 120-240V cheaper, and not have to install anything except a 240V outlet, or just plug into their existing dryer outlet. Tons of the rival Aerovironment Nissan branded stations ended up on ebay when they were unable to sell them to Leaf buyers, I ended up with one of those. Put a welder plug on it, good to go. Same thing happened with SPX, who were handling Volts. You'd get an electrician to come out and estimate the job, and when it came back it was double or triple what the job was actually worth. Only good thing was that SPX was told to sell a VolTec branded station to Volt owners with no questions asked for $495. Same deal, put a plug on it, or have your local electrician wire it direct, good to go.