EnerSys Announces MOU With Lithium Technology Corp.

July 10, 2008 by Jeff Shepard

EnerSys announced that it has signed a memorandum of understanding (MOU) with Lithium Technology Corp. (LTC). The MOU calls for the establishment of a relationship for the advancement of large lithium ion batteries between the parties. The parties intend to finalize the agreement in the coming months.

Under the proposed agreement, EnerSys will become the exclusive distributor of Lithium Technology’s product line of large format lithium ion batteries and cells to the defense and aerospace markets globally. In addition, EnerSys will market Lithium Technology products to the reserve power and renewable energy markets on a non-exclusive basis.

John Craig, Chairman, President and Chief Executive Officer of EnerSys stated, "This relationship with Lithium Technology will allow EnerSys to offer our customers additional lithium ion product options to complement our broad line of lead acid and other specialty products to meet our customers’ applications and needs. We look forward to finalizing the agreement in the near future."

"Lithium Technology Corp. with its unique lithium ion is recognized as a leading technology company and the memo of understanding that we signed with EnerSys emphasizes this point," commented Dr. Klaus Brandt, President and Chief Technology Officer of Lithium Technology Corp.. "We are very pleased to partner with EnerSys, a world leading battery company with a strong global market presence and reputation for product quality and service. We believe that the partnership, which started approximately a year ago, will increase our exposure in the battery market and increase our revenue growth."