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Electrovaya and Exide Technologies Announce
Collaboration for New Energy Solutions |
|
Princeton, N.J. - September
25, 2003 - Electrovaya Inc. (TSX: EFL,
www.electrovaya.com), a world leader in lithium ion SuperPolymer®
battery technology and systems, and Exide Technologies (OTCBB: EXDTQ,
www.exide.com), a global leader in stored electrical-energy solutions,
have signed a non-binding Memorandum of Understanding (MOU) to collaborate to
develop products and application solutions incorporating Electrovaya's lithium
ion battery technology.
According to the terms of the MOU, Electrovaya and Exide will work together to
explore and identify new market opportunities for Electrovaya's lithium ion
SuperPolymer® battery technology, initially in some specific applications in
Network Power for the telecommunications industry. Exide will determine unique
market needs, define the product offerings and assist in product packaging and
systems integration; Electrovaya will determine technical and manufacturing
feasibility and develop products from the initial concept stage through full
production.
"As a leader in lithium ion SuperPolymer® battery technology, we are well
positioned to assist Exide with profitable new energy solutions," said Dr.
Sankar Das Gupta, CEO of Electrovaya. "This relationship leverages our
significant intellectual property and manufacturing resources and should yield
new markets and exciting new energy storage products specific to the needs of
the telecommunications industry. Exide's significant experience in this market
makes them an ideal partner."
After completion of a joint development program, Electrovaya will manufacture
and develop cells to be integrated into finished products from initial concept
through full production; Exide will market and distribute the products
worldwide.
"In today's dynamic business environment, our customers' energy storage needs
are constantly evolving and growing. As we work to transform the Company from a
basic battery manufacturer to an integrated global supplier of batteries and
associated equipment and services, our focus is to deliver a product portfolio
that maximizes value for our customers," added Mitchell S. Bregman, Exide
Technologies President - Industrial Energy Group Americas. "We firmly believe
that this collaboration with Electrovaya will deliver industry-leading energy
storage solutions that meet and exceed our customers' needs." |
| About Exide Technologies
|
Exide Technologies, with operations in 89 countries and fiscal 2003 net sales
of approximately $2.4 billion, is one of the worlds largest producers and
recyclers of lead-acid batteries. The company's two global business groups
- industrial energy and transportation -
provide a comprehensive range of stored electrical energy products and services
for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive,
heavy-duty truck, agricultural and marine applications, and new technologies
for hybrid vehicles and 42-volt automotive applications. Industrial markets
include network power applications such as telecommunications systems,
fuel-cell load leveling, electric utilities, railroads, photovoltaic
(solar-power related) and uninterruptible power supply (UPS), and motive-power
applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, its financial results and other information is
available at www.exide.com.
|
| About Electrovaya |
| Electrovaya's goal is to become the leading provider of tablet
PC's, portable power for the notebook computer and wireless sectors, and to
apply its technology to a broad spectrum of alternative energy applications
including UPS, stand-by power and zero-emission vehicles. It develops,
manufactures and sells high value products globally using award winning
patented proprietary lithium ion SuperPolymer® rechargeable battery technology,
which delivers the highest energy density of any battery technology on the
market today. Electrovaya has designed, developed and markets the SCRIBBLER
Tablet PC which offers significantly longer run time than any other Tablet PC
currently available. The Company's shares trade on the Toronto Stock Exchange
under the symbol EFL.
For more information about the Company and its products, please visit
www.electrovaya.com.
|
| Exide Media Contacts |
Bruce Cole, Exide Technologies: 630-862-2291;
bruce.cole@exide.com;
Alan Chapple, Exide Technologies: 678-566-9514
|
| Electrovaya Media Contact |
|
P. L. Hart,
CFO, Electrovaya: 905-855-4636;
plhart@electrovaya.com
|
Investor Contact
|
|
Chuck Burgess, The Abernathy MacGregor Group, Inc.: 212-371-5999
|
| Forward-Looking Statements: This news release may contain
forward-looking statements that involve a number of risks and uncertainties,
including statements regarding the outlook for the Company's business and
results of operations. Risks are enumerated in further detail in the Exide's
Form 10-K and in Electrovaya's MD&A for the quarter ended June 30, 2003 and
are set forth in public disclosure documents filed with Canadian regulatory
authorities. By nature, these risks and uncertainties could cause actual
results to differ materially from those indicated. The Companies disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. |
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