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Electric car pioneer ZAP (OTCBB: ZAAP) today announced that it has acquired the exclusive American distribution license from CCT Power Company of Temple City, California to market batteries from Advanced Battery Technologies, Inc. (AMEX: GBT) for its Portable Energy lines.
ZAP made the announcement following meetings yesterday in Beverly Hills with Sharon Tang, CFO for Advanced Battery Technologies, and John Honey, President and CEO of CCT Power (http://cctpowerco.com). The meetings were part of ZAP's new US-China joint venture with Youngman Automotive Group and were attended by former Lotus Engineering CEO Albert Lam, Chairman for the joint venture company and a recent addition to ZAP's Board of Directors.
"After meeting with ZAP CEO Steve Schneider and Albert Lam in Beverly Hills, I knew right away this is the company we wanted to be working with," said Sharon Tang.
"Advanced Battery Technologies is working on some of the most important battery developments in the industry and we look forward to incorporating them into vehicle developments for the joint venture with Youngman," said Albert Lam.
ZAP's Portable Energy Business is the by-product of several years' research into more advanced batteries for electric vehicles. ZAP's Recharge-It-All and iZAP lines help solve the growing battery dilemma for mobile electronics, offering a rechargeable source of power for extending the battery life of your favorite electronic device, from cell phones, to digital cameras, to laptops. The technology also reduces the need for disposable batteries, which can be bulky, expensive and harmful to the environment. The lithium-ion battery system can be recharged up to 1000 times and has up to four times the power of conventional batteries.
"John Honey's leadership in helping to structure this business venture is an example of how the US and China can take on these environmental and technology challenges together," said ZAP CEO Steve Schneider.
ZAP is also working with Advanced Battery Technologies on electric vehicle development. In July, ZAP agreed to purchase $5.168 Million in lithium-polymer and nanotech batteries from Advanced Battery Technologies for use in ZAP's line of XEBRA electric cars and trucks as well as other vehicles and battery systems. The two companies have opened a joint development office in Beijing to expand their research, manufacturing and marketing of advanced batteries for electric cars using the latest in nanotechnology.
Advanced Battery Technologies is a leader in pioneering nanotechnology in lithium batteries. ZAP has been testing lithium batteries in its current vehicles and earlier this year reported that a production XEBRA electric truck traveled over 100 miles on a single charge at a Danish testing facility using an advanced battery management system combined with lithium batteries. Officials at ZAP say they look forward to working with CCT and Advanced Battery Technologies towards the commercializing of nanotech batteries.
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. The Company recently launched a new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer, and investor information, visit http://www.zapworld.com.
About Advanced Battery Technologies, Inc.
Founded in September 2002, Advanced Battery Technologies (ABAT) develops, manufactures, and distributes PLI batteries using lithium cobalt oxide anodes to overcome many of the shortcomings associated with other types of rechargeable batteries. ABAT develops PLI batteries for use in electric vehicles, mine lamps, cell phones, notebook computers, and other electronic devices. ABAT maintains R&D and manufacturing facilities in Harbin, China. Additional information about Advanced Battery Technologies is available at www.abat.com.cn.
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