The memo of understanding calls for the establishment of a relationship for the advancement of large lithium ion batteries between the parties. The parties intend to finalize the agreement in the coming months.
Under proposed agreement EnerSys will become the exclusive distributor of Lithium Technology’s product line of large format lithium ion batteries and cells to the defense and aerospace markets globally. In addition, EnerSys will market Lithium Technology products to the reserve power and renewable energy markets on a non-exclusive basis.
John Craig, chairman, president and chief executive officer of EnerSys stated, “This relationship with Lithium Technology will allow EnerSys to offer our customers additional lithium ion product options to complement our broad line of lead acid and other specialty products to meet our customers’ applications and needs. We look forward to finalizing the agreement in the near future.”
“Lithium Technology Corporation with its unique lithium ion is recognized as a leading technology company and the memo of understanding that we signed with EnerSys emphasizes this point,” commented Dr. Klaus Brandt, president and chief technology officer of Lithium Technology Corporation. “We are very pleased to partner with EnerSys, a world leading battery company with a strong global market presence and reputation for product quality and service. We believe that the partnership, which started approximately a year ago, will increase our exposure in the battery market and increase our revenue growth.”
Caution Concerning Forward-Looking Statements
This press release (and oral statements made regarding the subjects of this release) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, (i) statements regarding EnerSys' plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning; and (ii) statements about the benefits of the memorandum of understanding including any impact on our financial and operating results and estimates, and any impact on EnerSys' market position that may be realized from this relationship. These forward-looking statements are based upon management's current beliefs or expectations and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. The foregoing factors, among others, could cause actual results to differ materially from those described in the forward-looking statements. EnerSys may not realize benefits from this relationship. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date such forward-looking statement is made. For a list of other factors which could affect EnerSys' results, see EnerSys' filings with the Securities and Exchange Commission, including "Item 1A. Risk Factors," set forth in our EnerSys' Annual Report on Form 10-K for the fiscal year ended March 31, 2008. © Copyright 2008. All Rights Reserved.
EnerSys, the world leader in stored energy solutions for industrial applications, manufactures, distributes and services reserve power and motive power batteries, chargers, power equipment, and battery accessories to customers worldwide. Reserve power batteries are used in the telecommunications and utility industries, uninterruptible power suppliers, and numerous applications requiring standby power. Motive power batteries are utilized in electric forklift trucks and other commercial electric powered vehicles. The Company also provides aftermarket and customer support services to its customers from over 100 countries through its sales and manufacturing locations around the world.
For more information regarding EnerSys, please contact Richard Zuidema, Executive Vice President, EnerSys, PO Box 14145, Reading, PA 19612-4145. T: 1-800-538-3627.
About Lithium Technology Corporation
Lithium Technology Corporation (LTC) is a global provider of large format rechargeable power solutions for diverse applications, and offers the largest lithium-ion cells with the highest power of any standard commercial lithium ion cell produced in the western hemisphere. With more than 20 years of experience, LTC leverages its extensive expertise in high power and large battery assemblies to commercialize advanced lithium batteries as a new power source in the military and national security systems, transportation and stationary power markets.
LTC manufactures the GAIA® product line of large, high power hermetically sealed rechargeable lithium-ion cells and batteries. The Company's product portfolio includes large cells and batteries from 10 times the capacity of a standard laptop computer battery to 100,000 times greater. LTC manufactures a variety of standard cells that are assembled into custom large batteries complete with electronics (battery management systems) and electronics to communicate with other components of the system for performance monitoring.
LTC headquarters are located in Plymouth Meeting, PA and R&D in Nordhausen, Germany. LTC sales for the U.S. and European markets are managed out of each of the offices.