Firefly Energy, Inc., the Peoria, Illinois-based battery technology company that has developed a portfolio of lead-acid battery technologies to break through the traditional performance barriers of safe lead acid chemistry, announced today that it has signed a manufacturing contract with C&D Technologies, Inc. (NYSE: CHP). C&D is a leading North American producer and marketer of electrical power storage and conversion systems used in telecommunications, uninterrupted power supply systems, utility and other high reliability applications.
The contract calls for the establishment of a manufacturing partnership between the two companies to produce Firefly-designed battery products in the Group 29/31 size for the trucking and off highway equipment markets. Firefly’s microcell technology provides the trucking industry and fleets with an incredible fuel-saving alternative for powering their trucks’ hotel loads and HVAC systems. Capable of almost double the run time and life of traditional lead-acid batteries, the technology enables significant economic payback as well as compliance with recent anti-idling legislation.
The first focus for this partnership will be for the Firefly “Oasis” battery. Firefly will provide microcell foam technology components, and C&D will manufacture the battery in their Milwaukee, Wisconsin facility. Firefly CEO Ed Williams called the new C&D relationship a “critical addition to our manufacturing and commercialization strategies which expands the availability of our award-winning battery technology.”
“Firefly is first and foremost an innovator, creating enabling energy technologies,” Williams said. “We will continue to focus on product technologies, design, development and testing that compresses product development schedules while enhancing product quality and performance. We’re delighted to be associated with a company of C&D’s caliber, given the stringent requirements which C&D has long met in producing batteries of the highest quality for demanding telecom and data protection customers”.
Dr Jeffery Graves, President and CEO of C&D Technologies said “Innovative technologies and innovative manufacturing techniques are being combined to produce a customer solution that is environmentally friendly, as it reduces the emissions from engine idling or diesel auxiliary power units. C&D is committed to energy storage products, processes and enterprises that preserve our environment. We look forward to a fruitful partnership with Firefly Energy.”
Williams also announced that the production schedule for Firefly’s new Oasis™ battery will be adjusted to accommodate the new C&D relationship. Oasis batteries will be available in the 1st quarter 2009.
“The change in production schedule is a strategic move intended to optimize our new C&D relationship and ensure long-term success for Oasis and Firefly,” Williams explained.
The C&D relationship is the latest example of Firefly’s progress. In June, the company announced it completed a $15-million Series C equity round of financing led by a strategic group of Clean-Tech investors: Quercus Trust, Khosla Ventures, and Infield Capital. The new investors joined existing Firefly Energy investors Caterpillar, BAE Systems, Husqvarna, KB Partners, the Illinois Finance Authority, and the Tri-County Venture Capital Fund. In August, the company dedicated a new 40,000-square-foot world headquarters in a special ribbon-cutting ceremony attended by U.S. Senator Richard Durbin and U.S. Representative Ray LaHood. In 2007, Firefly’s battery technology was recognized worldwide with awards in the Energy category for Technology Innovation from the Wall Street Journal and the “R&D 100” from R&D Magazine.
More information on Firefly products and applications is available at www.fireflyenergy.com.
About Firefly Energy (www.fireflyenergy.com):
Firefly Energy Inc. (“Firefly”) is a Peoria, Illinois-based battery technology company developing a portfolio of lead-acid battery technologies and products to enhance performance within major portions of the $30 billion worldwide battery marketplace. The company’s first applied technology is a microcell foam-based battery technology, which can deliver a unique combination of high performance, low weight and low cost, all within a battery that unleashes the full power potential of lead acid chemistry while overcoming its performance drawbacks. Firefly’s battery products and their patented microcell technology deliver to battery markets a level of performance achieved with advanced battery chemistries (Nickel Metal Hydride and Lithium) but at one-fifth the cost. Firefly’s microcell battery products can be manufactured as well as recycled within the existing lead acid battery industry’s vast infrastructure. Firefly 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), Quercus Trust, Khosla Ventures (www.khoslaventures.com), Infield Capital and the Illinois Finance Authority.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for the switchgear and control (utility), telecommunications, and uninterruptible power supply (UPS), as well as emerging markets such as solar power. C&D Technologies engineers, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies' unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. C&D Technologies is headquartered in Blue Bell, PA. For more information about C&D Technologies, visit http://www.cdtechno.com.
Contacts:
Dan Green
847-279-0022 ext. 239
Dan.Green@TechImage.com
or
C&D
Technologies
Ian Harvie
215-619-7835
IHarvie@cdtechno.com
