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23 December 2004 - Electro Energy Inc., a developer and manufacturer of advanced rechargeable batteries, is to receive $2m from the US Department of Energy for the continued development of bipolar nickel- metal hydride batteries for energy storage applications.
Electro Energy currently has a programme, managed by the Department of Energy's Sandia National Laboratory and in collaboration with First Energy (an Akron, Ohio based electric utility) to evaluate the company's bipolar nickel- metal hydride batteries for stationary energy storage applications.
"The funding provided by the U.S. Congress in the 2005 DOE budget will allow us to continue the development of batteries for utility energy storage applications, including power regulation, and bulk energy storage," stated Martin Klein, Electro Energy's CEO. "This source of funds is a significant complement to the funds we have raised in our recent private placement, which are being used to expand our manufacturing capabilities and marketing of nickel-metal hydride battery systems to commercial and government customers."
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. Electro Energy Inc. is developing high power lithium rechargeable batteries utilizing the Company's proprietary design.
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