ELECTROSOURCE ANNOUNCES CONTRACT SIGNING
ELECTROSOURCE ANNOUNCES CONTRACT SIGNING AUSTIN, Texas, July 23 /PRNewswire/ -- Electrosource, Inc.
(NASDAQ: ELSI) announced today that it had signed a contract with the Electric Power Research Institute (EPRI) of Palo Alto, Calif.
The contract involves a 42-month program relating to Electrosource's high-capability Horizon Electric Vehicle (EV) Battery. The goal of the program is for Electrosource to finalize baseline cell development of the battery and complete necessary module R&D for packaging. Initial development of this EV Battery has shown it dramatically increases the potential range of EVs. Phase 1 (1992) of the program calls for total expenditures of $992,006, with EPRI providing one-half of this amount. The balance of the program is contingent upon availability of funding. The contract provides for the development of a 200 Ah. 6 volt, 50 Wh/Kg battery module capable of 600 charge-discharge cycles. When assembled into an EV Battery pack, the module will meet the Chrysler TE-Van requirements. The contract signing follows receipt by Electrosource of a letter of intent from EPRI announced May 16, 1992. EPRI is a research and development organization funded by electric utility companies. Approximately 70 percent of domestic electric utility companies are members of EPRI. Electrosource is a publicly traded company headquartered in Austin. The company's principal business is developing advanced lead acid batteries for commercial applications. -0- 7/23/92 /CONTACT: Audrey T. Dearing, corporate secretary of Electrosource, 512-445-6606/ (ELSI) CO: Electrosource Inc.; Electric Power Research Institute ST: Texas, California IN: SU: CON
CK -- NY066 -- 2518 07/23/92 12:18 EDT
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|Date:||Jul 23, 1992|
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