Electro Energy and In-Q-Tel Forge Agreement for Bipolar Lithium Battery Technology

DANBURY, Conn. and ARLINGTON, Va., Aug. 18/Satnews Daily/ — Electro Energy, Inc. (BULLETIN BOARD: EEEI) and In-Q-Tel has established a strategic relationship, including a technology development agreement.

The strategic relationship, began in March 2004, includes In-Q-Tel funding of technology development for the application of Electro Energy's bipolar design to lithium battery chemistry and other advanced battery-power solutions to serve the national security community, as well as the issuance of securities.

"In-Q-Tel invested in Electro Energy because their unique battery technology promises better performance to both public and private sector users across a wide variety of applications," said Gilman Louie, CEO of In-Q-Tel.

"Our partnership with In-Q-Tel funds the extension of our patented bipolar cell design to lithium battery chemistry, an important addition to the company's capabilities,” Martin Klein, CEO of Electro Energy, said. He added the resulting product will be superior to existing products for both government and commercial power applications.

Electro Energy claims its bipolar cell design provides superior performance in energy capacity, size and weight vs. current commercially available battery products. The design of Electro Energy's products is significantly simpler and less costly than conventional cylindrical and prismatic technologies, Electro Energy said.

Among its advantages is the ability to discharge efficiently at exceptionally high rates, compact packaging and lower manufacturing costs. These factors can be critical in applications such as military communications, military aircraft, and space and medical applications, as well as power-consuming commercial applications such as hybrid electric cars, electric bicycles and scooters, cordless power tools, load regulation and stationary energy storage.