EnerSys Enters into Nickel-Zinc Battery License & Technology Development Agreement
READING, Pa., March 22, 2012 /PRNewswire/ -- EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, today announced that it has completed a license and technology development agreement with PowerGenix Systems, Inc. to provide nickel-zinc batteries to EnerSys' industrial battery customers worldwide.
"We continue to develop and provide energy storage solutions and systems to meet our customers' ever changing needs," said John D. Craig, chairman, president and chief executive officer of EnerSys. "To achieve this we are investing to provide advanced lead-based, lithium-based and now, an additional nickel-based solution to match the diverse and challenging applications and markets we serve."
Dr. Rhodri Evans, EnerSys vice president of research and development noted, "We have significant experience in the major energy storage platforms based around lead, lithium and nickel based solutions and concluded that nickel-zinc can fill an important market segment for harsh and high integrity back-up power platforms for uninterruptible power supplies, rail and other applications fitting between the unique performance attributes of lead based and lithium based products. We will work closely with our customers to validate the performance and cost attributes of the nickel-zinc batteries and believe the technology of our PowerGenix partner combined with our own nickel-based product application and production experience provides a unique platform for our customers to benefit from this technology."
About EnerSys: EnerSys, 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 supplies, and numerous applications requiring stored energy solutions including aerospace and defense systems. 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.
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 licensing agreement with PowerGenix Corporation, including any impact on our financial and operating results and estimates, and any impact on EnerSys' market position that may be realized from the license agreement.
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 following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: (1) our ability to successfully commercialize this technology; (2) the possibility that EnerSys may not realize revenue benefits from the license agreement within expected time frames; and (3) competition may adversely affect the licensed technology. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. 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.
Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys' results, including earnings estimates, see EnerSys' filings with the Securities and Exchange Commission, including "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," including "Forward-Looking Statements," set forth in the Company's Quarterly Report on Form 10-Q for the period ended January 1, 2012. No undue reliance should be placed on any forward-looking statements.