New ZAP Battery Triples Charge of Electronic Cars.Business Editors/Automotive Writers/High-Tech Writers 2003 International CES SEBASTOPOL, Calif.--(BUSINESS WIRE)--Jan. 6, 2003 Electronic transportation developer ZAP (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ZAPZ) today announced plans to unveil a new technology that appears to triple the performance of today's battery-powered vehicles. ZAP also expects to unveil a new ZAP brand of electronic car that would utilize the new charge technology during Las Vegas' annual Consumer Electronics Show (CES), January 9-13, which hosts 100,000 annual attendees from 100 countries. Lead-acid batteries have been the conventional power source in electric vehicles since the 1800s, but ZAP says the technology unveiled today could offer over three times the performance, meaning it could improve the range of ZAP's electronic cars from 60 miles with today's lead-acid batteries to more than 200 miles using the new technology. ZAP CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steve Schneider calls the new technology unveiled today the "Holy Grail Holy Grail: see Grail, Holy. A very desired object or outcome that borders on a sacred quest. There are several Holy Grails in the computer business. " for this industry, saying that billions of dollars have been spent in recent years by government and industry to find ways of reducing automotive emissions by developing new battery technologies. However, many experts conclude that battery-powered transportation will never offer the convenience of conventional internal combustion vehicles. Others favor fuel-cell technology, although there has not been a commercial fuel cell available to date. Research shows that electronic cars using off-the-shelf technology produce 90 percent less emissions, even counting the emissions from power plants. Millions of electronic cars could be recharged during nighttime hours using surplus off-peak electricity. Electronic transport can also take advantage of renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. , like solar, wind, and hydroelectric energy. "I have personally experienced the performance of this new technology and look forward to sharing it with our customers," said Schneider. "We expect third-party testing to confirm the energy capabilities shortly. But to help illustrate the performance, we believe this technology will enable you to drive your brand new ZAP car from San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden to Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. with only a one-hour stop to recharge and have lunch." ZAP compared the characteristics of the new technology with today's lead-acid batteries, saying the new technology more than triples the performance (See Table 1 below). Schneider was named CEO of ZAP in October following the company's merger with two automotive marketing companies. Five years ago Schneider founded his company Voltage Vehicles to establish a distribution network for electronic transport through the independent auto dealer network and entrepreneurs who open their own ZAP Outlets. His dealership in Fulton, California is a model of this retail strategy and Schneider says he is showing at CES to find partners interested in expanding distribution. Under the merger, Voltage Vehicles is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ZAP. Publicly owned Publicly owned can refer to:
Table 1 -- Battery Characteristics
Range Energy (Whr/kl) Power (W/kg) Cycles
Lead-acid 60 miles 35 150 500
ZAP Technology 240 miles 200 400 1000
Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion