ECOtality Completes Acquisition Of Innergy Power Corp.
ECOtality, Inc. announced it has completed the acquisition of Innergy Power Corp. Innergy Power is a designer and manufacturer of thin sealed rechargeable lead batteries and high quality flat-panel multi-crystalline solar modules. Effective October 1, 2007, Innergy Power will operate as a subsidiary of ECOtality, and there will be no changes to Innergy Power’s management team.
"As ECOtality seeks to become a holistic and diversified renewable energy company, it is important that we build a portfolio of synergistic companies and products that complement our core technology, Hydrality™. Innergy Power is one of such companies," said Jonathan Read, President and CEO of ECOtality. "As part of our growth strategy, Innergy Power will be one of our platforms for further expansion into both energy storage solutions and solar applications. Moving forward, we are identifying new markets and applications for Innergy Power and expect to expand its product lines and manufacturing capabilities to substantially increase revenues in 2008."
ECOtality believes that the acquisition of Innergy Power will provide it with a profitable expansion platform for solar and energy storage solutions, as well as access to a manufacturing facility in Mexico. The facility will also provide additional manufacturing capabilities for fuel cell products for ECOtality’s Fuel Cell Store that the company acquired in June 2007.
"Innergy Power is pleased to join the ECOtality family of companies. ECOtality’s financial assets, strong entrepreneurial and management experience will help fuel the growth of Innergy Power’s business as we grow our leadership position and expand into other markets," said Darrell Musick, President and CEO of Innergy Power. "By marrying our technical and manufacturing strengths with ECOtality’s strong financial backing, we will be able to deliver more portable off-grid solar-powered energy storage and applications for users to harness, store and use clean electricity anywhere."