Avestor Signs Licensing Agreement with Solicore For Solid State Electrolyte and Battery Technology.Business Editors LAKELAND, Fla.--(BUSINESS WIRE)--May 21, 2002 Technology To Be Used in Batteries for Automotive, Telecom and Energy Utility Applications Avestor, a leading manufacturer of lithium metallic polymer batteries that is jointly owned by HydroQuebec and Kerr McGee, has agreed to license solid state electrolyte and battery technology developed by Solicore Inc., a pioneer in the development of next-generation electrolyte technologies. The two companies plan to jointly develop the patented technology, a dry electrolyte that is a non-compressible, non-combustible and non-toxic film, so it can be used in products being developed by Quebec-based Avestor for the automotive, telecommunications and energy utility markets. The licensing agreement will generate immediate revenue for Solicore from license fees, proprietary material sales and battery manufacturing equipment. The Solicore technology makes possible for the first time completely solid, dry, flexible, rechargeable and environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] battery products that have numerous, diverse applications. "After evaluation, we are convinced not only that Solicore's revolutionary technology is a quantum leap quantum leap n. An abrupt change or step, especially in method, information, or knowledge: "War was going to take a quantum leap; it would never be the same" Garry Wills. in development for the battery industry, but that it is commercially viable and can be applied to several of our products," said Tadek Borys, president and chief executive officer of Avestor. "We're pleased that our technology has met Avestor's rigorous review standards," said Robert Singleton, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Solicore. "Avestor's evaluation supports our belief that our technology will be the catalyst for major advances in how the battery industry supplies power." Solicore, which has a strong patent position and a manufacturing infrastructure, plans to offer a comprehensive line of high-energy, rechargeable batteries for industrial and commercial markets. Several products are currently in development. Solicore was formed to create superior energy storage products -- batteries that are safer, lighter and more compact than today's products. Its Leading Edge Technologies subsidiary specializes in the design of equipment for manufacturers of advanced batteries. Solicore's headquarters and R&D facilities are located in Lakeland, Florida Lakeland is a city in Polk County, Florida, United States, located approximately midway between Tampa and Orlando along Interstate 4. As of the 2000 census, the city had a total population of 78,452 and is the largest city in Polk County. According to the 2004 U.S. . For more information, visit http://www.solicore.com. A world leader in its field, Avestor is synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as lithium-metal-polymer (LMP LMP left mentoposterior (position of fetus); last menstrual period. LMP abbr. last menstrual period LMP Last menstrual period, see there ) technology. Since it began operations as a research and development company in 1994, Avestor has obtained 62 patented inventions to protect its leading-edge technology. Its first commercial offering, STOR 48-70 will be available to the telecommunications industry in 2002. Entry into the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. is slated for 2004. Kerr-McGee, one of the largest independent oil and gas producers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , owns 50% of Avestor as does Hydro-Quebec, a large electric utility |
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