Firefly Energy Announces ManTech Funding Award for 2008

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 the Department of Defense (DoD) has awarded the company two million dollars in funding to further progress its microcell foam battery manufacturing processes for important military applications.

The Manufacturing Technology award process, known as ManTech, is managed by the Defense Logistics Agency and is designed to provide funding to U.S. companies and projects that serve important needs of multiple DoD services or agencies and have a high payoff when viewed from a broader DoD perspective.

Firefly CEO Ed Williams said: The ManTech awards involve a stringent multi-year process and are granted to a small subset of companies whose products are deemed as a high priority by two or more military service branches. This award is one more example of the importance of our battery technology and its ability to address a broad spectrum of existing and emerging military applications. Were honored to have received this strategic funding.

Mil Ovan, Senior Vice President of Firefly, said: The value propositions of our battery technology address a wide range of issues that are of critical importance to the military. These include reduced costs in the areas of battery acquisition, logistics, installation, maintenance, storage and disposal. When you factor in increased operational readiness, stealth potential, ground force agility and crew safety, better battery technology becomes very compelling. This award is recognition of that potential.

Fireflys Vice President of Manufacturing, Frank Yankello, sees significant benefit in applying the award money toward manufacturing process enhancements as the company ramps up its production of the microcell plate components. Naturally, this award will be utilized toward enhancing our battery technology for military applications, and it is especially timely as we prepare our manufacturing processes for producing future versions of our advanced lead acid battery technology, he said.

The ManTech award follows up on a separate $7 million development contract with the U.S. government in 2007 and comes at a time when Firefly has been gaining momentum from a variety of sources. 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 October, Firefly and C&D Technologies announced the signing of a manufacturing contract that paves the way for volume production of the Oasis group 29/31 deep-cycle battery, beginning in early 2009. Earlier this month, the company broke ground on a further expansion of its headquarters facility.

Last year, Fireflys 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 companys 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. Fireflys 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. Fireflys microcell battery products can be manufactured as well as recycled within the existing lead acid battery industrys 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.

Contacts:

Tech Image (for Firefly Energy)
Jim McClure
847-279-0022 x232
Jim.McClure@TechImage.com

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