[Source: Lithium Technology Corporation and EnerSys]
Lithium Technology Corporation (LTC) announced today that it has signed a memorandum of understanding (MOU) with EnerSys, one of the world's largest and most reputable battery companies. The MOU calls for the establishment of a close relationship on the advancement of large lithium ion batteries between the parties.
The MOU was signed on July 4, 2008 in Zurich, Switzerland, by Mr. Myles Jones, Director, Aerospace, Defense & Renewable of EnerSys and Dr. Klaus Brandt, President & CTO of LTC. The parties intend to finalize the agreement this summer.
Upon the completion of the agreement, EnerSys will become the exclusive distributor of LTC's product line of GAIA large lithium ion batteries and cells to the defense and military market as well as to the civil aerospace market, utilizing its worldwide network of sales and support offices, and its strong presence in these markets. Additionally, EnerSys will market LTC's products for stationary and renewable applications on a non-exclusive basis. LTC will become the exclusive supplier of large lithium ion cells to EnerSys. The term of the agreement is for three years with an option for extension by mutual consent of the parties.
"LTC is recognized for our unique lithium ion products by peer battery companies as a leading technology company, and this MOU with EnerSys reaffirms that," commented Dr. Brandt. "We are very pleased to partner with EnerSys, a world leader in the industry, with a strong performance in many markets and immaculate reputation for product quality and service. We believe that this partnership will increase the exposure of LTC in the battery market and increase our revenue growth."
"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 customer's applications and needs. We look forward to finalizing the agreement in the near future," stated John Craig, Chairman, President and Chief Executive Officer of EnerSys.