SOURCE: Electro Energy, Inc.

April 18, 2007 09:38 ET

Frost & Sullivan Recognizes Electro Energy's Innovation With Emerging Technology of the Year Award

PALO ALTO, CA -- (MARKET WIRE) -- April 18, 2007 -- Frost & Sullivan has recognized Electro Energy, Inc. (NASDAQ: EEEI), with the 2007 Frost & Sullivan Emerging Technology of the Year Award in recognition of its unique bi-polar battery technology development designed to advance current nickel metal hydride (NiMH) and lithium ion (Li-ion) battery chemistries.

Electro Energy's technology is distinguished by its ability to make cells significantly lighter, smaller, and more powerful than other battery constructions that use the same chemistry.

"Due to the elimination of additional components required to make the battery tabs and of the intercell connections typically used to connect the battery cells together, the bi-polar cell construction offers excellent cost and performance advantages," said Frost & Sullivan Director Sara Bradford. "By developing a competitive technology for both NiMH and Li-ion applications, Electro Energy has been able to address the key demands of sophisticated buyers in terms of performance, size, weight, and cost effectiveness."

As the current flows perpendicular to the contact surfaces in this technology, the current path is short and demonstrates exceptionally low resistance compared to traditional battery flow, which in turn, offers benefits such as simpler and lower heating during battery recharge and discharge. The travel time of the current through the cell and the subsequent battery pack or module is also much faster than in traditional battery design.

Electro Energy has launched both its small and large cells in the market for various applications such as the military and transportation. By focusing on technology development efforts with several military user groups, it has manufactured products for their operational needs and is set to become a key supplier to the military.

In the automotive industry, Electro Energy is developing battery modules and packs to address the plug-in hybrid vehicle market and as an initial step, has retrofitted a Toyota hybrid vehicle to become a true plug-in vehicle. It has successfully demonstrated the plug-in hybrid battery, and is looking to commercialize the technology as an aftermarket retrofit.

Since plug-in hybrid vehicles have more battery capacity than traditional hybrid vehicles, the user can drive the vehicle in an 'all electric' or 'blended electric' mode for several miles and effectively use little or no gasoline in the first distance driven. This application is attracting significant interest as the implementation of the plug-in hybrid model could drastically reduce dependency on imported oil used for transportation.

The military and other user groups purchase millions of battery cells every year either directly or through battery packagers. Today, all those cells are manufactured outside the U.S. Electro Energy has the opportunity to become the key and maybe the only domestic U.S. supplier of these cells to the military and other user groups. That will enable Electro Energy to provide their clients with a substantial and solid product and service portfolio.

"This commitment to quality and domestic battery supply is one of its biggest advantages and gives the company a strong edge over its competitors," says Bradford. "Electro Energy's unique bi-polar battery technology offers a solution to many current power source issues, and it is for this reason that Frost & Sullivan has selected it as the deserving recipient of the 2007 Emerging Technology of the Year Award."

Each year Frost & Sullivan presents this Award to a company that has demonstrated technological superiority within its industry. This Award recognizes the ability of the company to successfully develop or introduce a new technology, formulate a well-designed product family, and make significant product performance contributions to the industry.

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About Electro Energy, Inc.

Electro Energy, Inc., headquartered in Danbury, Connecticut, was founded in 1992 to develop, manufacture and commercialize high-powered, rechargeable bipolar 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 bi-polar design. EEEI has recently acquired significant manufacturing assets near Gainesville, Fla. to accelerate commercialization of its battery technology. For further information, please visit http://www.electroenergyinc.com/.

About Frost & Sullivan

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.awards.frost.com.

Contact Information

  • Contact:
    Michael Wachs
    CEOcast, Inc. for Electro Energy
    (212) 732-4300

    Contact:
    Stacie Jones
    210.247.2450
    Email Contact