Green Car Congress  
Go to GCC Discussions forum About GCC Contact  RSS Subscribe Twitter headlines

« Ashok Leyland to Support Hydrogen-Compressed Natural Gas Blend in Engines | Main | VERBIO to Build €100 Million Ethanol Plant in Germany »

Print this post

Lithium Technology Corporation Raises $3 Million in Private Placement

18 December 2006

Lithium Technology Corporation (LTC), a provider of large format lithium-ion batteries, announced that it sold 20,060 shares of Series C Preferred Stock for an aggregate of $3,009,000.

Each share of Series C Preferred Stock is convertible into 2,500 shares of company common stock. At a purchase price of $150 per share of Series C Preferred Stock, the effective purchase price for each underlying common share of company common stock is $0.06 per share. The stock has been trading below $0.03.

We are extremely pleased with this recent financing because it demonstrates the confidence that professional investors have in LTC and the markets in which we operate. We believe that our recent product and partnership announcements have proven to stakeholders that our company is progressing on all fronts, in the production as well as in the commercialization of cells and batteries to the transportation, military and renewable/stationary markets.

—Amir Elbaz, executive vice president and chief financial officer

LTC manufactures the GAIA product line of large, high power hermetically sealed rechargeable lithium-ion cells and batteries.

LTC provided the li-ion battery system for the Zytek plug-in diesel electric hybrid recently shown in the UK. That battery pack has an output of 288 V and a capacity of about 2.2 kWh of energy. (Earlier post.)

December 18, 2006 in Batteries | Permalink | Comments (8) | TrackBack (0)

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c4fbe53ef00d834d5f06c53ef

Listed below are links to weblogs that reference Lithium Technology Corporation Raises $3 Million in Private Placement:

Comments

Hey, we can find these press releases ourselves, you know :-)

Yes, but it's nice to see the information all in one place without having to hunt for it.

Most of the stories on this website originate with press releases, either financial or technical. I thank the webmaster for compiling and publishing them. It keeps me better informed than I would be otherwise.

Bill

Green Cars Congress website is by far the most quoted reference at Yahoo and other financial bill boards as a source of technological expertise and current news, both for advanced vehicles and alternative energy stocks.

Thanks for a great job, Mike&Co.

What is the cost of a 288V/2.2kWh li-ion battery like this one?

You would have to research the cost or contact the company. For budgetary purposes I use a figure of $1 per 1kWh. So my guess is the 2.2kWh battery bank would cost the OEM about $2,200 in quantity.

Tesla says their Li-ion batteries cost $400/kwh.

That is good to hear. The price would be great if those are the kind of batteries that do not catch fire when they internally short.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Green Car Congress © 2013 BioAge Group, LLC. All Rights Reserved. | Home | BioAge Group