ECOtality announced this morning that it has successfully completed the acquisition of Minit Chager, a subsidiary of Edison International, a NYSE-listed company. The Minit-Charger is a rapid battery charging system that provides a more environmentally-friendly, energy and cost efficient means of recharging forklifts and other mobile material handling equipment. As of last Friday, the company will operate as part of ECOtality’s subsidiary, Electric Transportation Engineering Corporation (eTec).
Jonathan Read, President and CEO of ECOtality, stated, “The acquisition of Minit-Charger symbolizes ECOtality’s commitment to acquire and further commercialize clean electric technologies with immediate practical applications that reduce our dependence upon fossil fuels. With the completion of our fourth acquisition of the year, we have created a diverse portfolio of revenue-generating clean technology companies that are positioned for immediate growth and increased profitability.”
ECOtality announced that its subsidiary eTec will combine the Minit Charger line of battery fast chargers for lift trucks and material handling systems with the eTec SuperCharge(TM) line of battery fast chargers for airport ground support equipment. This strategic combination will allow ECOtality to further expand its fast charging product line and market share in the markets of clean electric transportation and infrastructure solutions.
“Minit-Charger expands our presence in the battery fast-charge market and solidifies eTec’s leading role in providing charging infrastructure to enable mass commercial acceptance of plug-in hybrid and electric vehicle technologies. With many synergies between the Minit-Charger and eTec SuperCharge technologies and business, we anticipate a smooth integration process and will look to further develop the technology and explore additional markets and applications,” said Don Karner, President of eTec.
Minit-Charger is a clean system that emits no harmful emissions as it eliminates the need for petroleum-based fuels commonly used in material handling vehicles. Minit-Charger’s 10 patents are ideal for alternative fuel transportation applications, such as plug-in hybrid and electric vehicle markets and infrastructures. Unlike traditional charging methods that require changing batteries after they are depleted, the Minit-Charger can recharge batteries at the most convenient times, completely eliminating the need for vehicle operators to remove them from the truck during breaks and shift changes, resulting in enhanced worker safety, productivity and energy and battery cost savings.
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