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C&D Technologies Awarded $5 Million Contract for Development of Advanced Lead-Carbon Energy Storage System for Renewable Energy Applications
C&D Technologies, Inc. (NYSE: CHP), a leading producer and marketer of batteries, battery systems and integrated standby power systems, today announced that the company has been awarded a contract by the US Army for the development of an advanced energy storage system for renewable energy applications incorporating advanced lead carbon batteries. The new contract will span an estimated three year period from June 15, 2010, with the objective of developing an energy storage system for use in grid connected systems, off-grid applications, and micro-grid environments in conjunction with the Army Renewable Energy Generation Systems (REGS). The technologies developed under the program will also be utilized in meeting the needs of C&D's commercial customers with potential application to large-scale grid-energy storage, community energy storage, and renewable energy applications, in addition to broader application in other branches of the military. The result will be a domestic U.S. source for a modular, highly reliable energy storage system with the potential for achieving economies of scale to ensure affordability for a range of military and commercial renewable energy applications. This new advanced energy storage system will be developed and produced in C&D's Blue Bell and Leola, Pennsylvania facilities.
With power demands growing in the many global deployments, the U.S. Army is working to increase the use of renewable energy to reduce dependence on fossil fuel resources and to achieve 'net zero energy' (NZE) for their base grid and micro-grid systems. Achieving NZE requires modular electrical energy storage systems to both store and dispense energy to maximize the renewable energy generation now being deployed. The market for NZE systems is expected to grow as more military systems utilize renewable energy to provide grid power, backup power and supplemental power to the many deployed electronic systems supporting U.S. soldiers and their equipment in the field. These systems provide basic living needs and also support equipment supplying vital information and support for the military infrastructure deployed in foreign lands.
A central focus of the program is the development of a new generation of energy storage batteries that incorporate carbon nano-phase technologies. These batteries will have exceptional cycling properties that are required for effective wind and solar application, and yet will be highly cost effective, reliable and fully recyclable at the end of product life.
"This contract will allow C&D Technologies to develop a modular energy storage system using advanced lead-carbon batteries to support the Department of Defense initiatives to incorporate renewable energy generation sources into their grid and micro-grid systems," said Dr. Jeffrey Graves, President and CEO of C&D Technologies. Dr. Graves continued, "This contract effectively leverages our most advanced R&D investments in carbon nano-technology and advanced battery manufacturing processes, to create sustainable, high value 'green collar' manufacturing and R&D jobs at our Pennsylvania facilities."
The funding profile for the contract includes an initial installment of approximately $1.2 million for use immediately, with the balance of the contract funding anticipated over the remaining two years of the program. The U.S. Army Research, Development and Engineering Command Contracting Center, Adelphi, Md., is the contracting agency (number W911QX-09-C-0076).
This press release may contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934), which are based on management's current expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Factors that appear with the forward-looking statements, or in the company's Securities and Exchange Commission filings (including without limitation the company's annual report on Form 10-K for the fiscal year ended January 31, 2010, or the quarterly and current reports filed on Form 10-Q and Form 8-K thereafter), could cause the company's actual results to differ materially from those expressed in any forward-looking statements made herein, including but not limited to future contract awards by the US Army, developments and the potential for achieving results relating to lead-carbon batteries, growing needs of the US Army for battery systems, technologies developed under the Army program, needs of C&D's commercial customers, potential applications relating to large-scale grid-energy storage, markets for lead-carbon batteries, and future approvals by Congress for contract funding.
About C&D Technologies
C&D Technologies provides power solutions and services for the telecommunications, uninterruptible power supply (UPS), switchgear and control (utility), and emerging markets. C&D Technologies' engineers, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies' unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. C&D Technologies is headquartered in Blue Bell, PA. For more information about C&D Technologies, visit www.cdtechno.com.
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