Power Technology to Manufacture Prototype Batteries For Industry Evaluation
HOUSTON, TX (PRWEB) September 25, 2004
Bernard J. Walter, CEO of Power Technology stated Â"Our recent completed agreement for $ 5.5 million in new capital will fund the manufacture of our prototype patented batteries. These batteries are anticipated to be up to 66% lighter and contain 90% less lead than conventional batteries. Additionally, Company research shows our batteries should also have superior recharge rates and lifetimes. Providing these batteries for industry evaluation will allow us to refine our sales strategy and manufacturing plans for full commercialization of our unique battery technology.Â"
About Power Technology, Inc. – Power Technology, Inc. is a research and development company that is engaged in activities regarding alternative battery technology using patented, ultra light materials with up to 75% less weight and 90% less lead content than conventional batteries. The Company is in the early stages of commercializing its battery technology to serve the $ 14 billion industrial battery market.
The Battery Market – Automotive Sector - In the automotive sector, more than 110 million lead acid batteries for vehicles were manufactured in 2003 for more than 650 million vehicles on the world's roads. Approximately 81 % of automotive battery sales worldwide in fiscal 2003 were to the automotive replacement market, with the remaining sales to the original equipment market.
Major U.S. lead acid manufacturers include Johnson Controls, Exide Technologies, Delphi Corporation, Fiamm, and East Penn Manufacturing Company. Johnson Controls makes batteries for more than 35 million vehicles annually; the batteries were worth an estimated $ 1.8 billion. In 2003, Johnson Controls acquired European VARTA Automotive GmbH and its 80 % majority ownership in VB Autobatterie GmbH (Varta), a major European automotive battery manufacturer headquartered in Germany. More than 50 million Chinese sealed lead acid batteries were shipped in 2003.
Hybrid vehicle growth drove growth for nickel metal hydride and lithium batteries as more than 120,000 hybrid passenger cars have been sold. Demand is expected to continue to exceed production. A variety of military and specialty hybrid vehicles were also introduced in 2003.
The $ 14 billion annual industrial battery market segments generally fall into two major categories: traction batteries, also called motive power batteries and stationary batteries, also referred to as standby power batteries or uninterruptible power supplies (UPS).
Industrial trucks and rail and mine vehicles represent two major subcategories of motive power batteries. Industrial trucks include forklifts, automated guided vehicles (AGVs), various types of towing vehicles, and floor cleaning equipment. Battery powered mine and rail vehicles are used in mines where gas could be ignited by spark ignition engines. Locomotive starting batteries and railcar emergency power batteries are also included in this subcategory. Golf cart or marine batteries electric road vehicles, electric boats and non-military submersible vehicles are also included in this sector.
Exide is a dominant player in the Industrial Battery segment, with more than $ 2.4 billion in sales. Exide has the largest market share for motive power products on a global basis. The Hawker Battery Group acquired in 2001 by EnerSys is number two in Europe. Other competitors in Europe include Fiamm, Hoppecke, BAE and MIDAC. Exide ranks second to Enersys in market share in North America. In North America, the other major competitors are C&D Technologies and East Penn. In Asia, JSB, Panasonic, Yuasa and Hitachi are the major competitors with Yuasa being the market leader. In countries such as Brazil, China and India, local manufacturing is required and U.S. and European corporations often partner with local companies.
This anthology is based on BCC, Inc.'s Battery & EV Technology Newsletter. It keeps readers abreast of the rapid technology developments, which characterize the battery and EV industry. It covers breaking technology developments and industry news.
This press release includes projections of future results and Â"forward-looking statementsÂ" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the Â"Securities ActÂ"), and Section 21E of the Securities Exchange Act of 1934 as amended (the Â"Exchange ActÂ"). All statements included in this press release, other that statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations are disclosed in this Press Release. While Power Technology, Inc. believes its forecasting assumptions are reasonable, there are factors that are hard to predict and influenced by economic and other conditions that are beyond Power Technology, Inc.'s control. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in Power Technology, Inc.'s filings with the Securities and Exchange Commission.
Contact: Power Technology, Inc.
Bernard J. Walter
Chief Executive Officer
713-621-4310
http://www.PWTCBATTERY.COM
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