SOURCE: Electro Energy Inc.

November 15, 2007 15:18 ET

Electro Energy Announces $2 Million Department of Defense Funding

DANBURY, CN--(Marketwire - November 15, 2007) - Electro Energy Inc. (NASDAQ: EEEI), a leading provider of advanced battery technologies and associated systems today announced that $2 million in funding for continued development of the Company's patented advanced bipolar lithium ion wafer cell battery technology was included in the 2008 Department of Defense Aerospace Propulsion and Power Technology bill, which was passed by the U.S. Congress and signed by the President.

Michael Reed, Electro Energy's CEO and President, said, "We are extremely grateful to the entire Connecticut congressional delegation and particularly Senators Chris Dodd and Joe Lieberman for their continued support of Electro Energy. The 2008 Department of Defense bill provides Electro Energy with the funding to continue development of its patented bipolar wafer-cell technology for advanced military applications. This is great news for Electro Energy and the Danbury community."

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, Fla. 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
    or
    Timothy E. Coyne
    203-797-2699