Electro Energy Bids for Battery Manufacturing Space

Electro Energy Inc. has signed a non-binding letter of intent to acquire equipment and to lease facilities formerly owned by Energizer Power Systems in Gainesville, Florida.

Electro Energy has confirmed the basic terms and conditions of the letter for a definitive agreement to acquire manufacturing equipment for lithium-ion and nickel-metal hydride batteries and an option to lease industrial space in north central Florida near Gainesville.

The completion of the transaction is subject to negotiation and execution of a definitive purchase-and-sale agreement as well as due diligence by both parties and Electro Energy’s obtaining additional investor funding.

Electro Energy says the transaction would give the company one of the largest facilities in the United States for the manufacture of advanced rechargeable batteries.