New ZAP Battery Triples Charge of Electronic Cars
SEBASTOPOL, Calif.--Jan. 6, 2003--Electronic transportation developer ZAP (OTCBB:ZAPZ) today announced plans to unveil a new technology that appears to triple the performance of today's battery-powered vehicles.ZAP also expects to unveil a new ZAP brand of electronic car that would utilize the new charge technology during Las Vegas' annual Consumer Electronics Show (CES), January 9-13, which hosts 100,000 annual attendees from 100 countries.
Lead-acid batteries have been the conventional power source in electric vehicles since the 1800s, but ZAP says the technology unveiled today could offer over three times the performance, meaning it could improve the range of ZAP's electronic cars from 60 miles with today's lead-acid batteries to more than 200 miles using the new technology.
ZAP CEO Steve Schneider calls the new technology unveiled today the "Holy Grail" for this industry, saying that billions of dollars have been spent in recent years by government and industry to find ways of reducing automotive emissions by developing new battery technologies. However, many experts conclude that battery-powered transportation will never offer the convenience of conventional internal combustion vehicles. Others favor fuel-cell technology, although there has not been a commercial fuel cell available to date.
Research shows that electronic cars using off-the-shelf technology produce 90 percent less emissions, even counting the emissions from power plants. Millions of electronic cars could be recharged during nighttime hours using surplus off-peak electricity. Electronic transport can also take advantage of renewable energy, like solar, wind, and hydroelectric energy.
"I have personally experienced the performance of this new technology and look forward to sharing it with our customers," said Schneider. "We expect third-party testing to confirm the energy capabilities shortly. But to help illustrate the performance, we believe this technology will enable you to drive your brand new ZAP car from San Francisco to Los Angeles with only a one-hour stop to recharge and have lunch."
ZAP compared the characteristics of the new technology with today's lead-acid batteries, saying the new technology more than triples the performance (See Table 1 below).
Schneider was named CEO of ZAP in October following the company's merger with two automotive marketing companies. Five years ago Schneider founded his company Voltage Vehicles to establish a distribution network for electronic transport through the independent auto dealer network and entrepreneurs who open their own ZAP Outlets. His dealership in Fulton, California is a model of this retail strategy and Schneider says he is showing at CES to find partners interested in expanding distribution. Under the merger, Voltage Vehicles is a wholly owned subsidiary of ZAP.
Publicly owned ZAP was founded in 1994 and is recognized as a world leader in creating a market for electronic transport. The Company has delivered vehicles to thousands of customers all over the world. ZAP stands for Zero Air Pollution. For more information, go to http://www.zapworld.com or call 800-251-4555.
Table 1 -- Battery Characteristics
Range Energy (Whr/kl) Power (W/kg) Cycles
Lead-acid 60 miles 35 150 500
ZAP Technology 240 miles 200 400 1000
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.