Investing Recovery Act - ECOtality

The government has placed the future of America in electric vehicle by investing in projects such as Electric Vehicle Battery Manufacturing by A123.  Another company receiving funding from government is ECOtality Inc.

Based in Phoenix, Arizona, ECOtality Inc helps to bring the first electric-drive vehicles and charging stations across the nation.  ECOtality received $144 million grant from the Recovery Act and would enable 8,500 electric-drive vehicles and 14,000 electric chargers in 16 cities across United States.  The grant allows ECOtality to support 50 jobs last quarter and would hire 75 additional workers.  ECOtality estimated 750 indirect jobs will be created because of the project.

ECOtality Inc. is listed in Nasdaq under the symbol ECTY with low market cap of $45 million.  Although ECOtality is still losing money, the revenue has been growing for consecutive quarters.  The insider have been buying since June of last year generally a positive sign.  In addition technical chart shows ECTY is now on the uptrend, also a bullish sign. 

The mass roll out of the electric vehicle and charging station does not happen still end of this year and with super low volume, this is probably a good time to invest ECOtality for the long term.