Electric Fuel Awarded $2.5 Million U.S. Army Battery Contract; 12/24V Zinc-Air
(Business Wire 12/11 07:27:23)
Battery Receives Army Designation BA-8180/U
Business Editors
NEW YORK--(BUSINESS WIRE)--Dec. 11, 2002--Electric Fuel
Corporation (NasdaqNM: EFCX) announced today that a contract has been
entered into between the Company and the US Army Communications
Electronic Command (CECOM) pursuant to 10 U.S.C. ss. 2304c(2),
"Unusual and Compelling Urgency," for a delivery order of advanced
zinc-air batteries.
The contract calls for order releases during the first three
calendar quarters of 2003, with a current order ceiling of $2,543,250.
Under the terms of the contract, Electric Fuel will produce and
supply the BA-8180/U Zinc-Air Nonrechargeable Battery. BA-8180/U is
the new Army designation for Electric Fuel's Model FC Advanced
Zinc-Air Power Pack, as it was previously known during its development
phase. In addition, Electric Fuel will supply three types of
electrical interface adapters for the BA-8180/U, including
equipment-specific adapters for the AN/PRC-119 SINCGARS and SINCGARS
ASIP tactical radio sets, and a generic interface for items of
equipment that were designed to interface with a BA-5590 or equivalent
battery. Each of the three interfaces was also assigned a national
stock number (NSN) by CECOM. As previously reported, the BA-8180/U was
assigned an NSN in August 2002.
The BA-8180/U is a 12/24 volt, 800 watt-hour battery pack
approximately the size and weight of a notebook computer. The battery
is based on a new generation of lightweight, 30 ampere-hours cells
developed by Electric Fuel over the last 5 years with partial funding
by CECOM. In extensive field testing, the BA-8180/U battery typically
provided 4 to 6 times the run time of a BA-5590, a primary lithium
battery pack widely used in the military. Zinc-air batteries are also
safer and more environmentally friendly than lithium batteries.
Electric Fuel Chairman, President and CEO Robert S. Ehrlich said,
"This contract is the culmination of five years of effort, in
cooperation with CECOM, to develop this ground-breaking new battery.
We believe that the BA-8180 can help the Army reduce its procurement
costs while providing operational benefits in terms of lighter weight
and greater energy capacity for extended missions."
About Electric Fuel
Electric Fuel Corporation (www.electric-fuel.com) is a world
leader in primary and refuelable zinc-air fuel cell technology,
pioneering advancements in battery technology for defense and security
products, military applications and electric vehicles. Electric Fuel
develops, manufactures and markets advanced high-tech multimedia and
interactive digital solutions for the training of military, law
enforcement and security personnel, and state-of-the-art lightweight
materials and engineering processes to armor vehicles.
Electric Fuel has corporate and sales offices in New York and
London with research, development and production subsidiaries in
Alabama, Colorado and Israel.
Except for the historical information herein, the matters
discussed in this news release include forward-looking statements, as
defined in the Private Securities Litigation Reform Act of 1995.
Readers are cautioned not to place undue reliance on these
forward-looking statements, as they are subject to various risks and
uncertainties that may cause actual results to vary significantly.
These risks and uncertainties include, but are not limited to, risks
relating to: product and technology development; the uncertainty of
the market for Electric Fuel's products; changing economic conditions;
delay, cancellation or non-renewal of purchase orders; significant
future capital requirements; the Company's ability to quickly and
smoothly execute the change in leadership as a result of its former
CEO's resignation; and other risk factors detailed in Electric Fuel's
most recent Annual Report on Form 10-K for the fiscal year ended
December 31, 2001, Electric Fuel's most recent Quarterly Report on
Form 10-Q, and other filings with the Securities and Exchange
Commission. Electric Fuel assumes no obligation to update the
information in this release. Reference to the Company's website above
does not constitute incorporation of any of the information thereon
into this press release.
--30--AH/ny
CONTACT: Electric Fuel Corporation, New York
Conrad F. Mir, 212/529-9200, ext 111
mir@electric-fuel.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: ENERGY HARDWARE AEROSPACE/DEFENSE
SOURCE: Electric Fuel Corporation
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
S.BW EFCX |
