BANGALORE, India, May 15 /PRNewswire/ -- Exide Technologies (NYSE: EX),
the global leader in stored electrical energy solutions, has signed a US
$10 million agreement to be the sole lead-acid battery supplier for the REVA
(Revolutionary Electric Vehicle Alternative) car-making project in Bangalore,
India. The Exide Technologies high-performance 3ET200 lead-acid batteries
will be the exclusive power source for the REVA electric car, a small vehicle
designed for navigating congested, urban streets. The batteries will be
manufactured in India and distributed under the Exide Technologies' Chloride
Motive Power brand.
REVA is a joint venture between California-based AEVT and the Maini Group
headquartered in Bangalore. AEVT, an electric vehicle technology company and
experienced provider of advanced automotive technologies, first began
developing small electric passenger vehicles in 1995 for use in India and
elsewhere in Asia. The Maini Group has a 27-year track record in the
manufacture of precision auto components and of electric material-handling
equipment. The REVA car, to be launched in June 2001, will be India's first-
ever electric car. Each vehicle will be equipped with eight, 6-volt
During the three-year contract, Exide Technologies will supply up to
100,000 lead-acid motive-power batteries for the project. These batteries
will be manufactured at the company's facility in Gandhinagar, India and will
feature Exide Technologies' tubular technology for extended deep-cycle life
and superior shock and vibration resistance. Batteries with tubular plates
contain more stored energy than flat plate batteries of equal size, resulting
in the delivery of a larger amount of consistent, reliable power.
The service life of the 3ET200 battery delivers approximately 70 percent
more cyclic life capability than a traditional, motive-power battery. These
features are especially important for the demands of EVs that require repeated
deep discharge and recharge.
Exide Technologies has been an active supporter of the REVA project since
1995, providing technical assistance on advanced battery technologies. By
1997, Exide already had developed a 6-volt battery with thin, tubular positive
plates which offered 25% extra capacity, lasting three times longer than the
traditional golf-cart batteries previously used in the project.
"We chose Exide Technologies as the primary battery supplier for the REVA
project because of the company's experience in advanced battery-technology
development," said Chetan Maini, managing director of the REVA Electric Car
Company. "Not only do Exide's 3ET200 batteries offer excellent performance,
but they'll feature in a project that attempts to create a cleaner environment
Studies conducted by AEVT USA indicate that the market potential for EVs
is highest in India, followed by China, Brazil and Mexico. According to Neil
Bright, president of Exide Technologies' Motive-Power Global Business Unit,
the REVA agreement further strengthens Exide's global industrial foothold in
high-growth markets. "Exide Technologies' relationship with REVA reinforces
our position in technological innovation," said Bright. "The partnership with
REVA offers Exide Technologies the opportunities to continue broadening its
global industrial reach and penetrate a fast-growing, and very important
Exide Technologies also supplies similar tubular-plate batteries as
deployed in public electric buses in Los Angeles, California; Santa Barbara,
California; and Chattanooga, Tennessee.
Exide Technologies is the global leader in providing electrical energy
storage solutions. The company has operations in 89 countries, serving the
industrial and transportation markets.
Industrial applications include network-power batteries for
telecommunications systems, fuel-cell load leveling, electric utilities,
railroads, photovoltaic (solar-power related) and uninterruptible power supply
(UPS) markets; and motive-power batteries for a broad range of equipment uses,
including lift trucks, mining vehicles and commercial vehicles.
Transportation uses include automotive, heavy-duty truck, agricultural,
marine and other batteries, as well as new technologies being developed for
hybrid vehicles and new 42-volt automotive applications. The company supplies
both aftermarket and original-equipment transportation customers.
Further information about Exide Technologies, its financial results and
other information can be found at www.exide.com .
Media contact: Tim Yost, 734-827-3282; email@example.com
Investor contact: Thomas J. Smith, 609-919-4946; firstname.lastname@example.org
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SOURCE Exide Technologies