CHICAGO--(BUSINESS WIRE)-- Ulysses Diversified Holdings Corporation (PINKSHEETS:UDHC.pk - News) announced today they have received the contract to install electric car charging stations throughout the Chicago area. This project is among the first and largest of its kind in the United States and Chicago is an ideal area to utilize electric vehicles considering almost 90 percent of all area commutes are less than 40 miles. Most fully electric cars can go up to 100 miles on a full charge. The charging stations will be able to fully charge an electric vehicle in a little under 30 minutes and there are even plans for some solar charging stations.
Through an American Recovery and Reinvestment Act grant, the City of Chicago awarded a $1.9 million contract to the California firm to install and maintain 280 electric vehicle charging stations in Chicago and its surrounding suburbs by the end of 2011. 350Green will install, own and operate 73 charging locations. The stations will be located at O’Hare and Midway airports, at grocery stores, national retail chains, on tollway plazas and in parking garages. The total project will cost $8.77 million, which 350Green will provide up-front. It will later be reimbursed $1.9 million from grant funds.
“This project will encourage greater use of electric vehicles in one of the most heavily traveled cities in the country. We know there are a dozen electric vehicles scheduled for the Chicago market within the next 12 months and we think it is exceptionally prudent that we have the needed infrastructure for what we know is coming,” said Jean Howe, President and Chief Executive Officer. “With new government incentives and the soaring fuel prices electric vehicle use will become more apparent and we are helping facilitate the U.S. transition to gas free vehicles.”
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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