Electrosource Receives Order for New Light-Weight Intelligent Battery
24 December 1999
Electrosource Receives Order for New Light-Weight Intelligent Battery
SAN MARCOS, Texas--Dec. 23, 1999--Electrosource Inc. ("The Company") has received today an order for its new light-weight intelligent battery the E-Power(tm).This initial order for 6,000 batteries from Frazer-Nash Research Ltd. is for a fleet of electric vehicles to be supplied by Frazer-Nash to the Sydney 2000 Olympic Games. The batteries are to be delivered in the first four months of 2000. Frazer-Nash is controlled by Kamkorp Ltd., a U.K. holding company and the Company's majority shareholder.
The E-Power(tm) battery uses patented manufacturing technology for light-weight and low internal resistance. The battery ordered by Frazer-Nash weighs just 18 pounds (8.2 Kg) and delivers 27Ah capacity at C5 rate. This is 25% lighter than competitive products.
Electrosource CEO Benny Jay said, "We are extremely pleased to receive this important order for the Sydney 2000 Olympic Games. Frazer-Nash has selected our E-Power(tm) battery because of its low weight and rapid charge capability. The vehicles need only one hour to charge and can therefore operate 22 hours a day."
Gordon Dixon, Frazer-Nash Regional Director in Australia, said, "E-Power(tm) is a logical choice for the best Electric Vehicle performance. The intelligence in the battery increases the overall vehicle system reliability and ensures trouble-free operation."
Frazer-Nash is the exclusive supplier of electric vehicles to the Olympic Games in Sydney in September 2000.
Electrosource is a manufacturer of light-weight intelligent batteries for electric vehicles, hybrid vehicles, standby power and telecommunication applications.
Details of these companies can be found at www.electrosource.com and www.frazer-nash.com.
This release contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in this release. Risks include financial risks, development risks, manufacturing risks, uncertainty of market acceptance, delay in shipment or cancellation or orders, customer reorganization, as well as other risks that are detailed from time to time in the company's Securities and Exchange Commission filings.