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Lithium Technology Corporation Raises $3 Million in Private Placement

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.)

Comments

Django

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

Neil

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

Bill Young

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

Andrey

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.

JJ

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

SJC

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.

Nick

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

SJC

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.

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