PLYMOUTH MEETING, Pa., Feb. 25 /CNW/ -- Lithium Technology Corporation
(LTC) (Pink Sheets: LTHU), a leading manufacturer in the large rechargeable
Lithium battery market, is pleased to announce the receipt of an order of
approximately $4.7 million for hybrid bus application for a joint program with
Kettering University and Transportation Techniques LLC ("TransTeq").
"LTC is very pleased to be part of this outstanding team and the
technology of choice for this hybrid bus project in Michigan," commented Dr.
Klaus Brandt, CEO of LTC. "Today we demonstrate our ability to supply large
batteries that meet the most stringent demands and that are safe and
Developing new drive train technologies as an alternative to the current
diesel-powered buses is an important goal for the Mass Transportation
Authority (MTA) of Flint, Michigan. Diesel-electric hybrids are receiving
increased interest throughout the transit industry. Current hybrid buses
provide approximately 15 to 20 percent improvement in fuel efficiency in the
heavy-duty transit applications. TransTeq's hybrid technology, which will
utilize LTC's batteries, also incorporates an enhanced set of control systems
and more efficient components to provide an additional improvement of 15 to 20
percent. This equates to an overall improvement of up to 40 percent over
standard diesel powered vehicles. Additionally, due to TransTeq's patented
control configuration, this bus also has the capability to operate in a zero
emission mode. This is particularly important in select areas of cities where
combustion engines are not or will not be allowed in the future. This bus can
go into zero emission mode, run its route through the sensitive part of the
city while running on energy from the batteries alone, and then turn on its
engine and generator once it leaves the area.
The hybrid bus program is headed by Professor Mohamed El Sayed of
Kettering University (formerly General Motors Institute). The MTA will provide
the vehicles and facilities for carrying out the technology demonstration. The
integration and the production of vehicles will be done by TransTeq and will
be based on progress milestones. At a later stage, discussions will be held
between Kettering University, Michigan based GR Investment Group (TransTeq's
parent company), and LTC for the production of the batteries in the State of
Michigan. The success of this venture would create significant high-tech job
opportunities within the state of Michigan.
"We went to great lengths to find the right partner and the right battery
technology, and we believe we found these qualities within LTC," commented
Professor El Sayed. "This project is not only important to all the partners
that participate, but most importantly to the health of all the inhabitants of
large cities and the health of our planet."
"This project is part of our marketing efforts in the transportation
market," said Dr. Brandt. "Buses and trucks represent a huge market
opportunity for us, and a significant stepping stone into the consumer vehicle
market. Currently, we have several programs running in this market, of which
this is one of them."
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(R) 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
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. For more information about LTC, its technology and
products, please visit http://www.lithiumtech.com .
Safe Harbor for Forward-looking Statements:
The foregoing information contains forward-looking statements, which
involve risks and uncertainties relating to such matters as financial
performance, technology development, capital raising, business prospects,
strategic partnering and similar matters. A variety of factors could cause
LTC's actual results and experience to differ materially from anticipated
results or other expectations expressed in these forward-looking statements.
This notice does not constitute an offer of any securities for sale.
For further information:
For further information: Lillian Sharik of Lithium Technology
Corporation, +1-610-940-6090, email@example.com Web Site: