Arotech Awarded Contract To Develop Lithium Battery For Hybrid Electric Vehicles
First prototypes to be delivered in the first quarter of 2013
- Arotech Corporation (Nasdaq: ARTX) announced today that its Battery and Power Systems Division has received an order to develop prototypes for a lithium battery for hybrid electric vehicles.
The order to develop three prototype batteries was placed by
an unnamed German automotive supply company. The first
prototypes are due to be delivered in the first quarter of
2013.
This contract marks Arotech's entry into the fast-growing
field of hybrid electric vehicles. Through the end of
September 2012, more than 5.2 million hybrid electric
vehicles had been sold worldwide.
Arotech has substantial know-how in large format battery technology, having in the past, under its Electric Fuel name, successfully developed zinc air batteries that powered electric vehicles more than 250 kilometers in a single discharge.
"This is our second notable contract for large format lithium ion, and represents a strategic step to balance our significant and growing business in the military power sources market," noted Arotech Chairman and CEO Robert S. Ehrlich. "Having learned important lessons from our previous foray into the electric vehicle market, we are determined to minimize risk by only undertaking profitable projects," continued Ehrlich. "We believe that between grid storage and electric vehicles there is significant promise for large format lithium ion. With our extensive know-how in lithium batteries and their power management, this is the ideal time for us to enter this emerging market," concluded Ehrlich.
About Arotech's Battery and Power Systems Division
Arotech's Battery and Power Systems Division is a leading
provider of primary and rechargeable batteries and chargers
for defense and other military applications. Arotech develops
and produces high power zinc-air batteries and is believed to
be the sole supplier of this technology to the U.S. military.
In addition, Arotech develops high-end primary and secondary
batteries and associated chargers and has vast experience in
working with government agencies, the military and large
corporations.
The Battery and Power Systems Division consists of Electric
Fuel Battery Corporation and Epsilor-Electric Fuel Ltd.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense
and security products for the military, law enforcement and
homeland security markets. Arotech provides multimedia
interactive simulators/trainers and advanced zinc-air and
lithium batteries and chargers. Arotech operates through two
major business divisions: Training and Simulation, and
Batteries and Power Systems.
Arotech is incorporated in Delaware, with corporate offices
in Ann Arbor, Michigan and research, development and
production subsidiaries in Alabama, Michigan and Israel.
CONTACT:
Victor Allgeier, TTC Group, (646) 290-6400, vic@ttcominc.com
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. Forward-looking
statements reflect management's current knowledge,
assumptions, judgment and expectations regarding future
performance or events. Although management believes that the
expectations reflected in such state-ments are reasonable,
readers are cautioned not to place undue reliance on these
forward-looking state-ments, as they are subject to various
risks and uncertainties that may cause actual results to vary
materially. These risks and uncertainties include, but are
not limited to, risks relating to: product and technology
development; the uncertainty of the market for Arotech's
products; changing economic conditions; delay, cancellation
or non-renewal, in whole or in part, of contracts or of
purchase orders; Arotech's ability to remain listed on
the Nasdaq Stock Market in accordance with the Nasdaq's
$1.00 minimum bid price and other continued listing
standards; and other risk factors detailed in Arotech's
most recent Annual Report on Form 10-K for the fiscal year
ended December 31, 2011 and other filings with the Securities
and Exchange Commission. Arotech 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.
distributed by |