PLYMOUTH MEETING, Pa., Nov. 1 /PRNewswire-FirstCall/ -- Lithium Technology Corporation ("LTC") (BULLETIN BOARD: LTHU) , a leading participant in the rapidly emerging large format rechargeable lithium battery market, announced today that its German subsidiary, GAIA Akkumulatorenwerke GmbH ("GAIA"), has received a contract from a leading German supplier of wind turbines to purchase Lithium Ion batteries as back-up power for the rotor blade pitch control system.
Wind power is rapidly growing worldwide as an alternative energy source. Germany is one of the countries leading the effort to use wind energy to replace fossil fuels in the generation of electrical power. In 2004, about 6% of electric power consumed in Germany came from 16,000 wind generators which represents about 1/3 of the generating capacity installed worldwide. This use of renewable and alternative energy is expected to increase further due to rising oil prices and environmental concerns.
Wind generators respond to changing wind conditions by automatically adjusting the angle that the blade makes with the oncoming wind using power from the electrical grid. When the grid fails, there is no load on the generator and the wind generator is in risk of severe damage if the blades are not turned into a neutral position using power provided by the batteries. Presently, lead acid batteries are used for back-up power to readjust the rotors. These, however, require frequent maintenance, which is a significant burden due to the position of the heavy batteries high up on the wind generator and the often remote location. LTC's GAIA batteries are one third of the weight, are maintenance-free and have an electronic battery management system that allows checking the status of the battery remotely.
According to GAIA's Managing Director, Dr. Klaus Brandt, "The multiple advantages of our Lithium Ion technology make our products particularly well suited to this application. This opportunity opens an entirely new high-end segment for LTC's GAIA batteries. This segment is characterized as a fast growing niche market as there is a steady rise of new wind turbine installations and retrofits into existing units."
About Lithium Technology Corporation:
Lithium Technology Corporation is a manufacturer of large format rechargeable Lithium Ion batteries, custom engineered for military, automotive and industrial applications. LTC customers include top tier contractors to the military and suppliers to industrial concerns requiring safe, durable, high power rechargeable power supplies for their applications and the development of new technology.
During the past twelve months, LTC and LTC's GAIA Akkumulatorenwerke GmbH subsidiary operating in Nordhausen, Germany, have contracted with ThyssenKrupp (the largest builder of non-nuclear submarines) to provide power supplies for underwater propulsion of manned submarines. Other applications include a prototype of lighter-than-air communication "stratellites"; unmanned surveillance vehicles (air, land, and underwater based); surface to air missiles; standby power applications; renewable energy generation sources (windmills); and hybrid electric vehicles ("HEV") for military uses.
LTC is leveraging its expertise in high power and large battery assemblies to commercialize advanced lithium batteries as a new power source in the military and national security systems, transportation and stationary power markets with a particular focus on the U.S. and European geographic market segments where the customers prefer a domestic supplier.
LTC manufactures the GAIA(R) product line of large, high power hermetically sealed rechargeable lithium ion cells and batteries. The Company's product portfolio includes large cells and batteries from 10 times the capacity of a standard laptop computer battery to 100,000 times greater. LTC produces high power cells designed for HEVs and military applications that can discharge hundreds of amps in times as short as a few minutes, and high capacity cells for applications such as back-up power and remote standby installations. Cells are manufactured in both cylindrical and flat form and employ proprietary extrusion, design and assembly technology. LTC manufactures a variety of standard cells that are assembled into custom large batteries complete with electronics (battery management systems) and electronics to communicate with other components of the system for performance monitoring.
Lithium Technology has two principal centers of operation - in Plymouth Meeting, Pennsylvania and in Nordhausen, Germany. The Plymouth Meeting office is also the Corporate headquarters for the Company. Sales into the U.S. and European markets are managed out of each of the offices.
For additional information on the Company's technology and products, please visit http://www.lithiumtech.com/ or http://www.gaia-akku.com/.
The foregoing information contains forward-looking statements, which involve risks and uncertainties relating to such matters as financial performance, technology development, capital raising, business prospects, strategic partnering and similar matters. A variety of factors could cause LTC's actual results and experience to differ materially from anticipated results or other expectations expressed in these forward-looking statements. This notice does not constitute an offer of any securities for sale.
