Hybrid Technologies Announces Partnership with Volkswagen

October 31, 2005 by Jeff Shepard

Hybrid Technologies Inc. (Berkeley, CA), a developer of lithium-powered products, and its subsidiaries -- R-Electric Car Co., Global Hybrid Corp., and Solium Power Corp. -- announced that a high-level research and development project has commenced between Volkswagen AG and Hybrid Technologies. Following negotiations between executives at Hybrid Technologies and Volkswagen, an agreement was made whereby Hybrid technologies would jointly produce a lithium-powered concept vehicle to be utilized by Volkswagen. The vehicle will highlight demonstrable lithium technology placed into a concept vehicle.

The project will remain highly confidential for several months while development work is conducted at the new Hybrid Technologies facility in Mooresville, NC, and additional research and development will take place in California. Hybrid Technologies has also expanded its development and manufacturing facility and has increased its plant size by over 300 percent for greater production, decreased deliver dates, and an increase in staff.

Hybrid Technologies President Holly Roseberry stated, "We are uniquely positioned to lend our expertise to the major automotive manufacturers. It is at this time that we are able to benefit from our technology innovation. Being on the leading edge of lithium technology has enabled us to enter the billion dollar supply chain of major manufacturers."