Firefly Energy Lauds Stimulus Plan’s $2 Billion for Advanced Battery Technology

Firefly Energy, a Peoria, Illinois-based battery technology company developing a portfolio of lead acid battery technologies, today is lauding the roughly $2 billion designated for advanced battery technology in the President’s $787-billion stimulus package.

While President Barack Obama has made clear that the primary goal of the stimulus bill is job creation, he also has targeted development of new, environmentally-friendly technologies as an important priority for the nation. Firefly Energy executives believe the bill’s substantial provision for advanced battery technology equally will advance the use of next-generation, lead acid batteries in future hybrid electric vehicles.

“We applaud the President’s stimulus package and the fact that he and our congressional leaders recognize the great impact next-generation battery technology can have on the future of the U.S. economy,” said Firefly Energy CEO Ed Williams.

Building on the U.S. Army’s support of Firefly Energy’s advanced battery technology, Williams noted that Firefly is excited to see the prospects of government support to accelerate manufacturing for versions of the company’s battery technology designed for commercial electric and hybrid electric vehicles. Williams said the Firefly advanced technology batteries are safer than lithium ion technology. He added that they can be used in plug-in hybrid electric vehicles (PHEVs) and electric vehicles at one half of the cost of lithium ion batteries with full recyclability.

The Firefly Energy advanced battery technology provides the best of both worlds - combining the safety, low cost and recyclability of lead acid chemistry while delivering performance attributes of lithium and other "advanced battery chemistries." The first generation of this technology is available in the company’s “Oasis™” Group 31–sized battery for the commercial trucking industry. In this application, the battery provides unprecedented run-time, calendar life and durability, allowing truckers to power their cabs’ hotel loads without idling their engines, saving millions of gallons of diesel fuel each year while reducing emissions.

Firefly is currently pursuing funding through the government’s Advanced Technology Vehicles Manufacturing Incentive program. The money would be used for applied engineering and the construction of a manufacturing plant to support the company’s next-generation 3D-squared microcell foam battery technology. Once the 3D-squared plant is built, it would initially supply up to one hundred thousand vehicles per year with advanced batteries, reducing our nation’s dependence on foreign oil and potentially creating hundreds of jobs.

Firefly co-founder and senior vice president Mil Ovan said that the company recently demonstrated the capabilities of its microcell foam battery technology to representatives from the automotive industry and the U.S. Department of Energy. The demonstration has encouraged significant interest in using Firefly technology in Micro Hybrid Power Trains as well as their PHEVs.

“The President’s goals of creating jobs and advancing U.S. battery technology will be realized if the government diversifies its bets from a lithium-only focus to allocate a fair portion of the $2 billion to alternative advanced battery technologies like the ones from Firefly,” said Ovan. “Our technologies unlock the inherent power and performance of safe, proven lead acid chemistry and will enable vehicle energy storage systems that are highly efficient and cost-effective. In addition to its inherently lower cost, 3D-squared technology requires none of the expensive thermal monitoring and safeguards that are an essential part of lithium ion battery systems. What’s more, our 3D-squared batteries will be recyclable within the existing, highly developed industry infrastructure.”

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.