Firefly Energy Earns Continued R&D Funding for its Microcell Battery in Fiscal Year 2008 U.S. Defense Bill

Firefly Energy, Inc., the Peoria-based company developing innovative battery technologies for commercial and military applications, today announced that the Fiscal Year 2008 defense bill contains a $3.2 million appropriation for 3D Advanced Battery Technology. Firefly Energy is developing a version of its award-winning 3D Microcell lead acid battery technology for the U.S. Army.

The appropriation was contained in the bill signed November 13th by President Bush. In Fiscal Year 2008, more than 38 percent of total defense spending is for accelerating research into advanced military hardware, according to the November 15, 2007, online edition of the Bulletin of the Atomic Scientists.

By mid 2008, Firefly Energy is slated to begin shipping prototypes of the 3D battery for testing by the U.S. Army for key applications including its Silent Watch program. Using the batteries, electronic reconnaissance can be conducted from military ground vehicles while noisy engines are off, thus helping avoid detection by the enemy while saving fuel. The goal of the program is to provide consistent power for four to 72 hours.

Ed Williams, chief executive officer of Firefly Energy, said the opportunity for the Firefly technology to be part of the 2008 defense appropriations bill is an honor and a strong recognition by the US Army and legislators of the technical progress made by the Firefly engineering team.

Firefly Energys 3D advanced battery technology clearly holds strong potential for military applications and is responding to the critical need to find safer, more reliable and more efficient ways to power current and future weapons systems, Williams said. This continued funding supports our direction and strategy to be a leading provider of technology solutions for advanced battery needs of U.S. military equipment.

High-performance battery is a key need of military

Mil Ovan, senior vice president and a co-founder of Firefly Energy, says that in contrast to a conventional lead acid battery containing heavy lead metal plates as the electrodes, The Army will soon experience the benefits of using a lighter weight carbon foam lead acid battery that lasts longer, sheds heat more effectively, and can be recharged faster than a conventional battery. This new funding clearly indicates that the military wants to obtain, test and utilize our carbon foam-based battery as quickly as possible.

One of two key legislative proponents of the appropriation, U.S. Rep. Ray LaHood (R-IL), said the company is poised to deliver a battery product that will help address long-standing battery performance issues in military vehicles. My district is proud of what Firefly Energy is doing to help enhance the mission of our sons and daughters who are serving their country overseas.

Sen. Dick Durbin (D-IL), a member of the Senate Appropriations Committee, fought to help Firefly secure the appropriation. He said that in addition to the military benefits, Firefly Energy earned the appropriation because the companys cutting edge technology is poised to help ease our dependence on foreign oil and reduce environmental pollution.

About Firefly Energy (www.fireflyenergy.com)

Firefly Energy Inc. (Firefly) is a Peoria, Illinois-based battery technology company developing a portfolio of next generation lead acid battery technologies, enhancing lead acid battery performance for major portions of the $30 billion worldwide battery marketplace. Fireflys first innovation, the carbon foam-based battery technology, can deliver a unique combination of high performance, extremely low weight and low cost, all in a battery which utilizes the best aspects of lead acid chemistry while overcoming the corrosive drawbacks of this same chemistry. This product technology delivers to battery markets a performance associated with advanced battery chemistries (Nickel Metal Hydride and Lithium) but for one-fifth the cost, and can be both manufactured as well as recycled within the existing lead acid battery industrys vast infrastructure. The company is backed by multi-billion dollar product companies such as Caterpillar (www.cat.com) NYSE: CAT), BAE Systems (www.baesystems.com) (London Stock Exchange over the counter symbol: BAESY), and Husqvarna (www.husqvarna.com Other OTC: HSQVY.PK). Additional investors include Chicago-area Venture Capital firm KB Partners (www.kbpartners.com) and the State of Illinois Illinois Finance Authority.

Contacts:

Tech Image Ltd. (for Firefly Energy)
Dave Reiners
Office: 888-483-2477 ext. 233
Cellular: 224-612-0167
or
Dan Green
888-483-2477 ext. 239

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