SOURCE: Electro Energy Inc.

May 09, 2008 11:45 ET

Electro Energy Awarded U.S. Air Force Contract for Continued Development of High Performance Rechargeable Batteries

DANBURY, CT--(Marketwire - May 9, 2008) - Electro Energy Inc. (NASDAQ: EEEI), a leading provider of advanced battery technologies and associated systems, announced today a contract award of $750,000 sponsored by Air Force Research Laboratory (AFRL) to continue development of ultra-high energy density, rechargeable, lithium battery chemistry for Air Force applications.

The U.S. Air Force SBIR Phase II contract award identifies a nanocomposite, rechargeable, lithium battery cathode material providing high-specific energy, and Electro Energy's proprietary cell design to develop a more powerful, compact, rechargeable battery. A nanocomposite electrode fabricated with a metal fluoride, when fully developed, is expected to provide packaged batteries with specific energies of 400-500 Wh/kg, twice the energy of today's state-of-the-art lithium-ion polymer cells. This battery technology would address the serious energy and performance limitations of currently available batteries and would be applicable to many military applications and a variety of commercial markets.

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 is AS9100/ISO9001 registered and 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 for rechargeable lithium ion 18650 cylindrical cells, the standard cell used in the electronics industry. 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.

DFAR 252.235-7010 Acknowledgment of Support and Disclaimer:

(a) The Contractor shall include an acknowledgment of the Government's support in the publication of any material based on or developed under this contract, stated in the following terms: This material is based upon work supported by the AFRL under Contract No. FA8650-08-C-2863.

(b) All material, except scientific articles or papers published in scientific journals, must, in addition to any notices or disclaimers by the Contractor, also contain the following disclaimer: Any opinions, findings and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the AFRL.

Contact Information

  • Contact:
    Brenda Cooper
    (203) 797-2699