SOURCE: Electro Energy Inc.

January 07, 2008 10:30 ET

Electro Energy Announces $1 Million Department of Energy Funding to Continue Plug-In Hybrid Electric Vehicle Battery Development

DANBURY, CT--(Marketwire - January 7, 2008) - Electro Energy Inc. (NASDAQ: EEEI), a leading provider of advanced battery technologies and associated systems, today announced that $1 million was provided in the fiscal year 2008 Department of Energy ("DOE") budget to continue development of the Company's patented advanced bipolar wafer cell Nickel-Metal Hydride and Lithium-Ion battery technologies.

The DOE budget, which was recently approved by the U.S. Congress and signed into law by President Bush, will provide EEEI with funding to continue development of its batteries for Plug-In Hybrid Electric Vehicle ("PHEV") and other advanced vehicle applications. The funding will enable EEEI to optimize and demonstrate large format wafer cell battery systems for these advanced vehicle applications; major steps toward the commercialization of a new generation of lighter, smaller and safer batteries with increased energy, reduced cost, and higher power capability for vehicle applications.

"This is strategically important funding for EEEI that continues our ongoing PHEV activities and long-term relationship with the DOE," said Michael E. Reed, EEEI's President and Chief Executive Officer. "I want to thank the Connecticut congressional delegation, in particular Rep. Chris Murphy and Sen. Joe Lieberman, for championing PHEV development and EEEI's role at the center of this national energy technology development effort."

About Electro Energy Inc.

Electro Energy Inc., headquartered in Danbury, Connecticut, was founded in 1992 to develop, manufacture and commercialize high-powered, rechargeable bipolar wafer cell nickel-metal hydride batteries for use in a wide range of applications. Its Colorado Springs operation supplies aerospace-grade high quality nickel cadmium batteries and components for satellites, aircraft and other specialty applications. EEEI is also developing high power lithium rechargeable batteries utilizing the Company's proprietary bipolar wafer cell design. EEEI owns significant manufacturing assets near Gainesville, Florida capable of manufacturing rechargeable lithium ion 18650 cylindrical cells, the standard cell used in the electronics industry, and facilitating the commercialization of its proprietary wafer cell battery technology. For further information, please visit www.electroenergyinc.com.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Electro Energy Inc.'s Securities and Exchange Commission filings available at http://www.sec.gov.

Contact Information

  • Contact:
    Michael E. Reed
    203-797-2699