ABAT is the company that makes the lithium-polymer and nanotech batteries that Zap recently agreed to use in their Xebra EVs and other products. The purchase agreement was for $5.168 million worth of batteries. As always, improved batteries sound great. In this case Zap and ABAT are saying the life expectancy of these batteries is over 1,000 charges, and will offer "three to five times greater performance in terms of range and speed, as well as faster charge times, in some cases as little as ten minutes." We'll be waiting for the test drive.
[Source: ZAP, Advanced Battery Technologies, Inc.]
ZAP, Advanced Battery Technologies, Inc. Join Forces to Commercialize Nanotech Batteries for Electric Cars
Joint Office Opens in Beijing to Focus on Nanotechnology for Advanced Electric Car Batteries
BEIJING, Aug. 2 /PRNewswire-FirstCall/ -- Advanced nanotech batteries are becoming a driving force in making electric cars that go farther and faster between charges, up to five times farther than today's conventional batteries, and China may play a role in bringing this new technology to market.
Electric car pioneer ZAP (BULLETIN BOARD: ZAAP) and lithium-polymer and nanotech battery developer Advanced Battery Technologies, Inc. (BULLETIN BOARD: ABAT) today announced the opening of a joint development office in Beijing to expand their research, manufacturing and marketing of advanced batteries for electric cars using the latest in nanotechnology.
ZAP recently completed a purchase agreement to acquire $5.168 Million in lithium-polymer and nanotech batteries from Advance Battery Technologies for use in ZAP's line of XEBRA electric cars and trucks as well as other vehicles and battery systems. ZAP CEO Steve Schneider concluded the agreement recently after meeting with Advanced Battery Technologies Chairman Mr. Zhigou Fu and touring his facilities in Beijing and Harbin.
"After spending a great deal of time with Mr. Fu, we believe he is a true visionary with the desire to improve the environment through technology," said Schneider. "We are looking forward to testing these new batteries in our ZAP cars, trucks, motorbikes and other vehicles."
Advanced Battery Technologies is incorporating the latest in nanotechnology to create a new generation of lithium-polymer batteries with a higher energy density while improving the performance, life expectancy and safety. In a recent communication regarding ZAP's annual shareholder meeting, Mr. Fu praised ZAP's progress.
"These are indeed impressive and noteworthy results for ZAP's work," said Fu. "The Company is strong and growing in a world market with strong competition and capable competitors. The ability to deliver these products and achieve these results is a credit to your leadership, ZAP's management and the dedication and hard work of your employees."
Lithium ion batteries have been a leading technology for electric cars for years. While the technology has been proven in smaller formats, it was found to be less stable in larger formats. Because they are inert, nanoparticles do not sulfate in reaction with the chemistry of lithium-polymer batteries, unlike conventional graphite electrode materials. This innovation provides a more stable battery system, allowing larger format lithium batteries with a safer, more robust chemistry.
These smaller, nanoparticles also create a greater surface area -- up to 100 times greater -- allowing a faster, shorter-distance transmission of electrons in and out of the battery, adding to the energy density while increasing the charge and discharge rate for improved performance. The more stable battery chemistry also adds to the life expectancy of the battery, with an estimated cycle life of more than 1000 charges, more than double that of conventional batteries.
What this means for electric cars is three to five times greater performance in terms of range and speed, as well as faster charge times, in some cases as little as ten minutes.
About Advanced Battery Technologies, Inc.
Founded in September 2002, Advanced Battery Technologies (ABAT) develops, manufactures, and distributes PLI batteries using lithium cobalt oxide anodes to overcome many of the shortcomings associated with other types of rechargeable batteries. ABAT develops PLI batteries for use in electric vehicles, mine lamps, cell phones, notebook computers, and other electronic devices. ABAT maintains R&D and manufacturing facilities in Harbin, China. Additional information about Advanced Battery Technologies is available at www.abat.com.cn.
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. The Company recently launched a new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer, and investor information, visit http://www.zapworld.com/.
Certain statements in this news release may constitute "forward-looking" statements within the meaning of section21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Some of the factors that may affect the forward-looking statements in this news release are the availability of licensed personnel to operate pharmacies, the availability of suitable retail locations, and the acceptance of new technologies by the medical profession. Other risk factors are listed in the most recent Annual Report on Form 10-KSB, Quarterly Report on Form 10-QSB, and most recent Registration Statement on Form SB-2 filed with the Securities and Exchange Commission. Such forward-looking statements involve risks and uncertainties, which may cause the actual results, performance, or achievement expressed or implied to differ.