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Electric Fueling Stations to begin Pumping

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June 18, 2010 – Comments (0) | RELATED TICKERS: AVAV

this year in selected states. The company providing this technology is debt free with $9.99/shr book value and has $120M in cash. Seems pretty cut and clear why this stock is a strong buy especially after the recent pullback in shares and with eps estimate in the .50's for this qtr. Its at $24.50

Plug In Carolina Selects AeroVironment to Supply, Install and Support Electric Car "Re-fueling" Stations Throughout South Carolina

 

Plug In Carolina Selects AeroVironment to Supply, Install and Support Electric Car "Re-fueling" Stations Throughout South Carolina (Photo: Business Wire).  View Multimedia Gallery

Related QuotesSymbolPriceChangeAVAV24.60-0.40 Press Release Source: AeroVironment, Inc. On Thursday June 3, 2010, 2:35 pm EDT

CHARLESTON, S.C.--(BUSINESS WIRE)--Plug In Carolina today announced it has selected AeroVironment, Inc. (AV) (NASDAQ: AVAV - News) in Monrovia, Calif., to supply, install and support a network of public electric vehicle (EV) “re-fueling” stations in seven South Carolina cities. The charging network is expected to be operational by December 1, 2010 to support the variety of new EVs entering the roadways.

The project, funded largely by two state grants secured through the South Carolina Energy Office and scheduled to launch June 15, 2010, features a family of charging stations with one, two, or four charge points each. The multi-port configuration is user friendly and lends itself to cost-effective electrical installation. The stations will be located in key re-fueling hubs in each city.

“With seven cities located across the state installing charging stations, this project is helping to establish not only EV ready cities but positioning South Carolina as the first EV ready state in the country,” said James Poch, Plug In Carolina executive director. The program will provide publicly accessible EV charging stations at locations such as municipal parking garages, public streets and retailers. Depending on host city requirements, the stations will offer smart communications and payment system options now or in the future.

“AeroVironment submitted the most comprehensive proposal among the eleven that we received, not only reflecting their deep understanding of the technology but also of the practical infrastructure considerations involved in creating a reliable EV charging network,” Poch said. “Beyond our hardware needs, it became apparent to us why Nissan would choose AV to handle its nationwide deployment. We are confident that AV’s detailed project management capabilities will maximize the network’s utility to EV drivers.”

“Refueling infrastructure is critical for the mass acceptance of clean electric vehicles,” said Mike Bissonette, senior vice president and general manager of AV’s Efficient Energy Systems segment. “The move to EVs is demonstrating momentum now, and reliable charging systems for both the home and in the public will be essential for the full-scale, practical adoption of electric cars. We are committed to achieving the successful implementation of this pioneering recharging network for the people of South Carolina.”

AeroVironment has been developing, manufacturing and supporting EV charging products for more than a decade. AV offers a broad range of products and services, such as Level 2 charging stations for the home, and public and Level 3 fast charge public stations that can re-fuel a car battery in as little as 10 minutes. AV also offers robust, multi-modal communication, networking and payment systems that support the evolving needs of public charging infrastructure.

About Plug In Carolina

Founded in 2006, Plug In Carolina is a non-profit organization sponsored by the state’s major utilities: South Carolina Electric & Gas Co., Duke Energy, Santee Cooper and Lockhart Power. Its stated mission is to educate and promote the environmental, economic and national security benefits of plug-in vehicles.

About AeroVironment, Inc. (AV)

Building on a history of technological innovation, AV designs, develops, produces and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and efficient electric energy systems. Agencies of the U.S. Department of Defense and allied military services use the company’s battery-powered, hand-launched UAS to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and target acquisition. AV’s clean transportation solutions include power cycling and test systems and industrial electric vehicle charging systems for commercial and institutional customers, as well as EV home chargers and EV fast chargers for consumers. More information about AV is available at www.avinc.com.

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