ECOtaltiy announced today that it has acquired Innergy Power Corporation. Innergy is a leader in the design and manufacture of thin sealed rechargeable lead batteries and high quality flat-panel multi-crystalline solar modules. Innergy will operate as a subsidiary of ECOtality, and there will be no changes to the company’s management team.
The President and CEO of ECOtality stated, “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. 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.”
The acquisition of Innergy will provide ECOtality with access to a manufacturing facility in Mexico and a profitable expansion platform for solar and energy storage solutions. The manufacturing facility will give the company additional manufacturing capabilities for ECOtality’s Fuel Cell Store that the Company acquired in June of this year.
Darrell Musick, President & CEO of Innergy Power stated, “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. 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.”
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