Electro Energy Receives U.S. Dept. of Energy Contract to Continue Development of Bipolar Nickel Metal Hydride Batteries for Energy Storage Applications

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eeei_logo.gifElectro Energy Inc (EEEI) announced receipt of a $1,050,000 contract with the U.S. DoE for the further development of its Bipolar Nickel Metal Hydride energy storage battery. These 2nd generation prototype test units, rated from 150 Volts, 20AHr to 500 Volts, 6AHr, will be constructed and tested at EEEI, and subsequently delivered to Sandia for further testing. Units of this size have potential applications for utility, wind, solar and customer side load regulation and back up power. [ more ] This stock has been in a long term down trend and this contract was a much needed win to help the company turn the down trend around. The stock is currently trading up nicely with a 20% gain today on the news. A quick look at the long term chart of this company shows that this move may be a potential bounce off the $4 low. I have been recently looking at all the stocks I cover in this sector and have been specifically looking at the companies that have not been moving over the last couple of weeks. Today this stock decided to make its move due to the announcement. I added this stock to my potential buy watchlist today and will do some further research into the fundamentals for a potential purchase.

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