eVonyx Announces Lease of Factory in Taiwan to Manufacture Fuel Cells for Motor Scooters

    HAWTHORNE, N.Y.--Feb. 15, 2001--eVonyx, Inc.(TM), a company dedicated to developing and commercializing metal-air fuel cell technology, today announced that it has leased a 40,000 sq. ft. factory in Taiwan to manufacture its fuel cells for motor scooters.
    eVonyx Taiwan, an eVonyx subsidiary, expects the facility to be ready for production by the end of 2001. Motor scooters equipped with the eVonyx proprietary metal-air fuel cell technology called the Revolutionary Power Cell (RPC(TM)) are targeted to be on the market in late 2002.
    "The capacity of this facility and its proximity to one of our initial target markets will enable us to commercialize the RPC(TM) and demonstrate its technological advantages over competing products," said Dr. Sadeg Faris, Chairman of eVonyx.
    Ken Brown, who recently joined eVonyx as its CEO, added, "We have a strong belief in the vitality of our technology in markets throughout the world. It is logical that we should launch our first major commercial initiative in Asia."
    According to Global Industry Analysts, Inc., global demand for motorcycles, scooters and mopeds is growing over 15 percent annually and is expected to reach 23 million units by the year 2003. "Taiwan was selected as a manufacturing site for several reasons," explained Mr. Cheng Ming Lee, president of one of Taiwan's leading venture capital companies, and a director and stockholder of both eVonyx Taiwan and eVonyx. "Taiwan has an excellent manufacturing infrastructure, a good labor pool, expertise in the manufacture of motor scooters and direct access to the huge Asian market, estimated by Industrial Technology Research Institute of Taiwan to be in the range of 20.7 million scooters per year."
    eVonyx Taiwan plans to supply scooter manufacturers its RPC(TM) fuel cells which are designed to power electric scooters for longer distances than those currently achieved by conventional batteries, such as lead acid, lithium-ion and nickel metal-hydride. Motor scooters, the dominant form of transportation in Asia, are also the leading source of air pollution. Indeed, according to a CALSTART study, a single scooter, powered with a two-stroke engine, creates as much air pollution as eight cars. With choking air pollution and government incentives, the popularity of electric-powered scooters is growing rapidly in Taiwan and throughout Asia.
    eVonyx, Inc., which is based in Hawthorne, New York, is a subsidiary of Reveo, Inc. Reveo operates the Edison Technology Portfolio (ETP), an incubating concept that develops and spins out new technologies into subsidiaries that focus exclusively on particular technology applications and bringing products to the marketplace.