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Ecotality Trading Suspended, Electric-Car Charging Network To Release News?Ecotality Trading Suspended, Electric-Car Charging Network To Release News?
Electric charging and technology company ECOtality has suspended trading, as what it calls “material adverse developments” see it struggling to meet expected operating losses.
The company, which sells charging equipment and runs the Blink network of charging stations, filed an 8-K report this morning (pdf file) advising of several factors preventing it from meeting ongoing obligations.
Low sales of its charging equipment under the EV Project–in the face of reduced government subsidies–struggles to meet scheduled product launches and failure to obtain additional financing all mean the company is now considering restructuring or sale.
“The Company is currently exploring options for a restructuring or sale of the entire business and/or assets of the Company, the Company may need to file a petition commencing a case under the United States Bankruptcy Code as part of any such process or otherwise in the very near future”, Ecotality said in the report.
These issues have also led to the Department of Energy suspending payments to Ecotality. The DoE’s funding, as with other companies, is reliant on Ecotality meeting certain operational obligations. These include the aforementioned additional financing and product launches–conditions the company may not meet.
The DoE sent a statement to Ecotality, informing it “that it is suspending all payments under the EV Project while it investigates the situation and determines whether the award should continue”.
More details are expected to follow in an official statement.
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