ECOtality, Inc. (ETLY.OB), a renewable energy company that acquires and commercially advances clean electric technologies and applications, recently announced the company’s first quarter results. Based on sales activity during the first three months of the year, estimated revenues for the first quarter of 2008 are expected to total $2.3 million, compared to $0 in revenue during the first quarter of 2007.
The company has streamlined its operating budget for 2008 in an effort to reduce operating expenses and move towards being cash-flow positive in the near term. With the expectation of consistent quarterly revenue growth throughout the year, and modest organic growth of the company’s subsidiaries, ECOtality is projected to generate over $15 million in revenue, compared to $2.6 million for the 2007 fiscal year.
Management remains focused on growing the company’s core business and will continue to evaluate other accretive clean technologies, acquisitions and joint venture opportunities that are aligned with ECOtality’s focus on the creation of clean and renewable electricity solutions. Through strategic acquisitions, partnerships and technology innovations, ECOtality strives to advance the market applicability of clean electric technologies so that they become accepted alternatives to carbon-based fuel technologies.
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