Cleantech

Ecotality Buys Innergy Power for $3M


Ecotality seems to have a finger in every pie.

In June, the Scottsdale, Arizona-based company bought FuelCellStore.com, a small online retailer of fuel cell kits and components. On Thursday, Ecotality said it would acquire Innergy Power Corporation, a solar panel and rechargeable lead-battery maker, for $3 million cash and stock.

San Diego, California-based Innergy, founded in 1989, makes thin, lightweight rechargeable batteries and solar modules for use in emergencies or outdoor recreation. The company is profitable and has a factory in Tijuana, Mexico, according to Ecotality.

The acquisition was expected to close in October, a spokesperson for Ecotality said.

For Ecotality, a public company that trades over-the-counter and aims to commercialize early-to-mid-stage renewable energy technologies, the buyout signals a move into the energy storage and solar markets.

Founded in 1999 as Alchemy Enterprises, a marketer of cleaning chemicals, Ecotality changed its name and focus last year. The company is developing a machine that makes hydrogen from magnesium and water for use in fuel cells, in conjunction with NASA’s Jet Propulsion Lab, according to a company spokesperson.

Ecotality said it hopes to make use of Innergy’s Tijuana factory for its fuel cell product business. It paid nearly $540,000 for FuelCellStore.com, according to Securities and Exchange Commission filings.

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