Electro Energy Inc (EEEI) announced that the Fiscal Year 2005 budget for the U.S. Department of Energy, signed earlier this month by President George Bush, provides $2 million for the continued development of bipolar nickel- metal hydride batteries for energy storage applications. “The funding provided by the U.S. Congress in the 2005 DOE budget will allow us to continue the development of batteries for utility energy storage applications, including power regulation, and bulk energy storage…” stated Martin Klein, Electro Energy’s CEO. “This source of funds is a significant complement to the funds we have raised in our recent private placement, which are being used to expand our manufacturing capabilities and marketing of nickel-metal hydride battery systems to commercial and government customers.” [ more ]
