Energy Ventures Receives Contribution from the Canadian Government

Energy Ventures Inc. (EVI, Toronto, Canada) will receive a CDN$495,000 repayable contribution from the Canadian Government under the IRAP-TPC Precommercialization Assistance initiative. EVI plans to use the contribution to work towards the development of its nickel-zinc and zinc-carbon-bromine rechargeable battery technologies. The total cost of the nickel-zinc and zinc-carbon-bromine battery program is CDN$1.5 million over the next 14 to 18 months.

The initiative is a joint venture that brings together the National Research Council's Industrial Research Assistance Program and Industry Canada's Technology Partnerships Canada. Assistance is provided in the initiative to small- and medium-sized enterprises in bringing new technologies to life, ready for commercial use.

The assistance is repayable out of EVI's gross revenues from April 1, 2003, and cannot exceed CDN$742,500.