ERC news out:
Thursday August 20, 12:00 pm Eastern Time
Company Press Release
Energy Research Corporation Forms
Electrochemistry Joint Venture in China
DANBURY, Conn.--(BUSINESS WIRE)--August 20, 1998--Energy Research Corporation (AMEX:ERC - news) is
pleased to announce the formation of a joint venture with Xiamen Hi-Tech Innovation Centre in Xiamen, the People's Republic
of China, to develop and commercialize various advanced electrochemical technologies. The joint venture, named
Xiamen-ERC Technology Company, Limited, is two thirds owned by ERC.
In addition, ERC signed a memorandum of understanding to work with the Xiamen High Technology Centre to jointly develop
fuel cells using biomass derived fuels, a renewable energy source available, throughout China. Since fuel cells reach very high
efficiencies even in small sizes, this may be the ideal converter of this widely dispersed fuel to usable electricity.
''This has been a very busy year for ERC in China'' said Jerry Leitman, ERC's CEO. ''In February we licensed to a
partnership of a Chinese company and a subsidiary of Formosa Plastics the right to use our proprietary nickel-zinc battery
technology in electric vehicles and hybrid electric vehicles. In June we licensed to a Chinese company the right to use our
batteries in electric bicycles, scooters, and various other applications, and we just formed a joint venture with an affiliate of that
company to manufacture and sell nickel-zinc batteries.''
Mr. Wang Rong, Deputy Director of Xiamen People's Congress, said ''ERC is recognized as one of the world's leading
companies in developing clean energy sources. Minimizing the negative impact on air quality while meeting the transportation
needs of China's large population is receiving the highest attention of the Chinese government. The visit today of Mr. Cheng
Mingyi, the highest official of Fujian Province, to ERC's headquarters for the signing of our agreements shows the strong
support of government at all levels for the Xiamen/ERC collaboration in the field of clean energy.''
Leitman continued ''In our many visits and meetings in China, we have become extremely impressed with the quality of the
intellectual resources resident in Xiamen, both in the local battery industry and at the University of Xiamen, which is recognized
internationally as being a leader in electrochemistry research. The professors and graduate students there have made a number
of advances in the field and had expressed an interest in forming a relationship with a company to realize their commercial
potential.
''At the same time, engineers at ERC, in the course of our work in nickel-zinc batteries and fuel cells, have developed some
very promising new ideas for improvements and extensions of our technologies that are worth further exploration, which we
believe our friends and partners in Xiamen can do very effectively. We are optimistic that this technology joint venture will
further speed ERC's commercialization plans.''
Energy Research Corporation, located in Danbury and Torrington, Connecticut, is an internationally recognized leader in the
field of electrochemical technology for electric power generation and storage. ERC is developing its Direct Fuel Cells and
batteries through funding from and in cooperation with government, electric utility and major international industrial
organizations.
This press release contains forward-looking statements regarding the entering into a joint venture with Xiamen Hi-Tech
Innovation Centre, and the development, potential markets and commercialization of ERC's nickel-zinc rechargeable batteries,
as well as the development of other electrochemical technologies, and certain other commercialization efforts of ERC with
Chinese partners. The successful implementation of the development and commercialization of the nickel-zinc rechargeable
batteries, including the licensing of ERC's battery technology and other electrochemical technologies, involve significant risks
and uncertainties. There can be no assurance that the commercialization, licensing or development efforts of ERC's technology,
or the operation and development of production facilities by ERC or its Chinese joint venture partners or its licensees, will be
successful. The forward-looking statements in this press release speak only as of this date. ERC expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to
reflect any change in ERC's expectation with regard thereto or any change in events, conditions or circumstances on which any
such statement is based.
Contact:
The Teller Group, LLP
Rick Teller
781/545-3600
e-mail: teller@bloomberg.net |
