EnerSys (NYSE: ENS), the world's largest industrial battery company, through its Modular Energy Devices (ModEnergy) subsidiary, has teamed with Quebec’s Laval University and Canada’s largest cooperative financial group, Desjardins, to conduct a trial program in Quebec City to study community acceptance and operating success of Plug-in Hybrid Electric Vehicles (PHEVs). Starting in the Spring of 2008, the multidisciplinary team will spearhead a technical, financial and market based effort to bring the environmental and economic advantages of PHEVs to mainstream markets. If the pilot study is a success, the project will integrate between 10 and 50 PHEVs into Quebec City streets, giving the partners strategic, real-world knowledge about the viability and potential of the market. The PHEVs will be owned and operated by individuals in the community during the expected four year test period. ModEnergy will supply lithium ion (Li-Ion) battery packs and controls to Laval University and work with them to optimize performance and durability for evaluation by members of the team and the Quebec City community. Desjardins and Laval University’s business school are working together to design innovative financial contracts, which, for example, could encourage the commercialization of this type of environment-friendly technology and its accessibility to consumers.
John Craig, chairman, president and CEO of EnerSys, said “We believe that we have a unique and cost effective approach to meet the PHEV’s energy storage requirements. We are excited about participating in this program and are optimistic that it will demonstrate the viability of PHEVs. Based upon the results of the program, EnerSys will be prepared to marshal its global capabilities to strive for further advances to allow for the practical implementation of PHEVs to realize their economic and environmental benefits.”
“This program will provide a real world field test for the ModEnergy’s Redundant Cell Array Technology (RedCAT) while integrating PHEVs in the community,” said Steve Eaves, VP of Technology and founder of ModEnergy. “RedCAT offers unique cost, reliability and safety advantages to help bring the promise of Li-Ion batteries and PHEVs to our transportation needs and thus take a step towards meeting clean air goals.”
Caution Concerning Forward-Looking Statements
This press release (and oral statements made regarding the subjects of this release) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, (i) statements regarding EnerSys' plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning; and (ii) statements about the benefits of the program including any impact on our financial and operating results and estimates, and any impact on EnerSys' market position that may be realized from this program. These forward-looking statements are based upon management's current beliefs or expectations and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. The foregoing factors, among others, could cause actual results to differ materially from those described in the forward-looking statements. EnerSys may not realize benefits from this program. EnerSys does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date such forward-looking statement is made. For a list of other factors, which could affect EnerSys' results, see EnerSys' filings with the Securities and Exchange Commission, including "Item 1A. Risk Factors," set forth in our EnerSys' Annual Report on Form 10-K for the fiscal year ended March 31, 2007. © Copyright 2008. All Rights Reserved.
For more information, contact Richard Zuidema, executive vice president, EnerSys, PO Box 14145, Reading, PA 19612-4145, USA.
EnerSys (enersys.com), the world leader in stored energy solutions for industrial applications, manufactures and distributes reserve power and motive power batteries, chargers, power equipment, and battery accessories to customers worldwide. Motive power batteries are utilized in electric forklift trucks and other commercial electric powered vehicles. Reserve power batteries are used in the telecommunication and utility industries, uninterruptible power suppliers, and numerous applications requiring standby power. The company also provides aftermarket and customer support services to its customers from over 100 countries through its sales and manufacturing locations around the world.