AER Energy and Rayovac Sign License and Development Agreement

April 23, 2001 by Jeff Shepard

AER Energy Resources Inc. (Smyrna, GA) and Rayovac (Madison, WI) announced that they have signed a license and development agreement. Under the terms of the agreement, AER Energy is licensing its zinc-air battery technology to Rayovac. In addition, AER will perform design and development work for Rayovac. However, Rayovac will own all of the resultant technology developed, though AER Energy will have certain rights to utilize it. In exchange, Rayovac has agreed to purchase a small percentage of AER Energy common stock. The agreement is expected to bolster AER Energy's cash position and fuel future growth and product development efforts.

“AER Energy is extremely encouraged that the world's fastest growing battery company has recognized our competencies and commitment to continued zinc-air battery development and chosen us as a technology partner," said David W. Dorheim, president and CEO of AER Energy. “Rayovac's expertise in zinc-air battery technology makes it an ideal partner for us, and we look forward to working together to expand the commercial applications for zinc-air batteries and develop leading-edge power solutions."