LTC's GAIA Europe Unit Wins Follow-On Study

October 01, 2003 by Jeff Shepard

Lithium Technology Corp. (LTC, Plymouth Meeting, PA), an early production stage rechargeable lithium battery manufacturer, announced that a leading submarine builder has awarded LTC's GAIA Europe Unit with a follow-on Phase II contract for studying the feasibility of its advanced lithium-ion batteries on the latest generation of diesel-electric submarines for a US NATO ally.

The contract, which represents and extension of GAIA Europe's Phase I feasability stufy, runs for six months and has a value of $100,000. The actual battery required for this application carries a price tag of approximately $13 million, and up to two submarines per year would be equipped with such a battery by the builder, who is the world's market leader for diesel-electric submarines.