Koor Industries Agrees to an Equity Investment in Electric Fuel

May 17, 2000 by Jeff Shepard

Electric Fuel Corp. (Iselin, NJ) announced that Koor Industries Ltd. (Tel Aviv, Israel) has agreed to complete a previously contracted equity investment of $10.0 million in Electric Fuel, at a price of $10 per share.

The company said that the proceeds will be used for marketing and for the expansion of its production capacity. Electric Fuel is currently running-in its first automated production line and expects that, by year's end, the first line will have production capacity of up to 500,000 batteries per month.