Electric Fuel Awarded $2.5 Million U.S. Army Battery Contract; 12/24V Zinc-Air Battery Receives Army Designation BA-8180/U.
NEW YORK--(BUSINESS WIRE)--Dec. 11, 2002
Electric Fuel Corporation (NasdaqNM: EFCX) announced today that a contract has been entered into between the Company and the US Army Communications Electronic Command (CECOM) pursuant to 10 U.S.C. ss. 2304c(2), "Unusual and Compelling Urgency," for a delivery order of advanced zinc-air batteries.
The contract calls for order releases during the first three calendar quarters of 2003, with a current order ceiling of $2,543,250.
Under the terms of the contract, Electric Fuel will produce and supply the BA-8180/U Zinc-Air Nonrechargeable Battery. BA-8180/U is the new Army designation for Electric Fuel's Model FC Advanced Zinc-Air Power Pack, as it was previously known during its development phase. In addition, Electric Fuel will supply three types of electrical interface adapters for the BA-8180/U, including equipment-specific adapters for the AN/PRC-119 SINCGARS and SINCGARS ASIP tactical radio sets, and a generic interface for items of equipment that were designed to interface with a BA-5590 or equivalent battery. Each of the three interfaces was also assigned a national stock number (NSN) by CECOM. As previously reported, the BA-8180/U was assigned an NSN in August 2002.
The BA-8180/U is a 12/24 volt, 800 watt-hour battery pack approximately the size and weight of a notebook computer. The battery is based on a new generation of lightweight, 30 ampere-hours cells developed by Electric Fuel over the last 5 years with partial funding by CECOM. In extensive field testing, the BA-8180/U battery typically provided 4 to 6 times the run time of a BA-5590, a primary lithium battery pack widely used in the military. Zinc-air batteries are also safer and more environmentally friendly than lithium batteries.
Electric Fuel Chairman, President and CEO Robert S. Ehrlich said, "This contract is the culmination of five years of effort, in cooperation with CECOM, to develop this ground-breaking new battery. We believe that the BA-8180 can help the Army reduce its procurement costs while providing operational benefits in terms of lighter weight and greater energy capacity for extended missions."
About Electric Fuel
Electric Fuel Corporation (www.electric-fuel.com) is a world leader in primary and refuelable zinc-air fuel cell technology, pioneering advancements in battery technology for defense and security products, military applications and electric vehicles. Electric Fuel develops, manufactures and markets advanced high-tech multimedia and interactive digital solutions for the training of military, law enforcement and security personnel, and state-of-the-art lightweight materials and engineering processes to armor vehicles.
Electric Fuel has corporate and sales offices in New York and London with research, development and production subsidiaries in Alabama, Colorado and Israel.
Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary significantly. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Electric Fuel's products; changing economic conditions; delay, cancellation or non-renewal of purchase orders; significant future capital requirements; the Company's ability to quickly and smoothly execute the change in leadership as a result of its former CEO's resignation; and other risk factors detailed in Electric Fuel's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2001, Electric Fuel's most recent Quarterly Report on Form 10-Q, and other filings with the Securities and Exchange Commission. Electric Fuel assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
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|Date:||Dec 11, 2002|
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