Ecotality Buys Innergy

Read

Jonathan Read, CEO of Ecotality, reports the company has signed an agreement to buy Innergy Power of San Diego, California, for $3 million. Innergy makes solar panels and batteries for mobile applications, such as solar-powered phones, remote surveillance cameras and off-grid lighting. It also manufactures sealed lead-acid batteries that can be combined with small solar panels.

The acquisition is part of Ecotality’s plan to “roll up” different clean-electricity companies into a diversified and profitable business. The company also intends to announce an acquisition related to plug-in hybrid vehicles. Earlier this year Ecotality purchased the Fuel Cell Store, which sells hydrogen fuel cell gear to universities and labs. It also has hydrogen-producing technology with Hydratus through a partnership with NASA’s Jet Propulsion Lab in Pasadena.

“What binds these diversified businesses together is clean energy,” says Read. The strategy is to assemble different product lines and find areas of cross-pollination. By buying Innergy, Ecotality gains manufacturing capability in rechargeable batteries that can be used in its hydrogen product lines.