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Hybrid Tech Holdings, LLC ("Hybrid") Announces a New, Non-Exclusive Partnership with Automotive Battery Supplier, Boston-Power, Inc.
FOR IMMEDIATE RELEASE
Anaheim, California—Feb 3, 2014— Hybrid Tech Holdings, LLC ("Hybrid") today announced that its subsidiary, Hybrid Tech Operating Corp., has signed an agreement to investigate advanced battery technologies with Boston-Power, Inc. ("Boston-Power"), a next-generation lithium-ion battery supplier and manufacturer. The agreement is one component of Hybrid’s bid to purchase the assets of Fisker Automotive Holdings, Inc. ("Fisker"), which manufactures the Karma and forthcoming Atlantic plug-in hybrid luxury sedans.
"This non-exclusive partnership with Boston-Power is a key element of Hybrid’s ongoing review of alternative leading-edge battery suppliers that will support its Karma restart program and deliver a best in class battery solution," said Megan Grant, spokeswoman for Hybrid. "Hybrid has been engaged in a thorough review of all of Fisker’s supplier relationships, with the goal of ensuring that customer demands for a high-quality and high-performance luxury EV are met."
Founded in 2005 and headquartered in Massachusetts, Boston-Power is a provider of next-generation lithium-ion battery cells, blocks, modules and systems. Boston-Power’s Swing® and Sonata® products serve as the foundation for a new era of longer lasting, faster charging, safer and environmentally sustainable batteries. The company’s Swing product delivers unmatched capabilities for battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV) and utility energy storage applications. Sonata delivers industry-leading performance to the portable power and industrial markets.
"Boston-Power is excited to enter into this agreement with Hybrid," said Boston-Power Chief Technology Officer (CTO), Richard Chamberlain. "Like our new partners, we believe Fisker has a bright and continued future in the US. We feel strongly that together with Hybrid, our Swing products will help ensure the future success of Fisker, of the Karma and forthcoming Atlantic vehicles."
Hybrid will be bidding to acquire all of Fisker’s assets in the auction scheduled for Feb.12, 2014 in connection with Fisker’s ongoing bankruptcy process. Hybrid is committed to manufacturing in the United States and is seeking opportunities to use the existing Delaware facility.
Some of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements about the plans, objectives, expectations, intentions and assumptions of Hybrid and its affiliates that are not statements of historical fact. All forward-looking statements are made as of the date of this press release and Hybrid and its affiliates assume no obligation to update any such forward-looking statements or in the future provide any reason why actual results may differ.