Subject: UFTO Note - Firefly Re-invents the Lead Acid
Battery
Date: Mon, 23 Jun 2003
In early May, Caterpillar announced the formation of a new
spin-off company called Firefly Energy Inc., whose purpose is to
complete the development and commercialization of a dramatically
improved lead acid battery technology. The entire research
program, people and technology have been transferred out of CAT
into the new startup after several years of in-house research.
CAT will remain as only a partial investor once there is new
financing.
Attempts have been made before to re-invent the lead acid
battery, without much success. Prominent among them,
Electrosource/Horizon and Bolder Technologies, both of whom ran
into obstacles in cost, performance and manufacturability that
couldn't be overcome. . (In Dec 2001, Bolder was acquired out of
bankruptcy by Singapore based GP Battery. In Feb 2003,
Eagle-Picher announced a new joint to produce the Horizon
battery.)
Firefly has high expectations that they've got it right. In fact,
key personnel from those previous efforts are involved, along
with an all star cast of battery industry veterans.
Firefly's claims include: 1/4 the weight (eliminating 80% of the
lead), double life expectancy, 7x charge rate, and manufacturing
that is compatible with existing lead acid battery production
facilities. It should cost no more than current lead-acid
batteries, making it a small fraction of the cost of nickel metal
hydride and lithium technologies. Cycle life, even at 80% depth
of discharge, is several thousand cycles, one or two orders of
magnitude better than conventional lead acid, on a par with the
advanced technologies. Two main problems of lead acid, sulfation
and corrosion, are all but eliminated. Heat dissipation is
excellent, even at the greatly increased charge and discharge
rates.
One of the keys to these improvements is a substrate material for
the plates that no-one thought to try before. Highly porous, it
provides for thousands of times more "cells", or locations where
the reaction can take place. Fourteen patents are already in
process, with more to come.
The company plans to license the technology, and to manufacture
with partners that already have production lines, co-branding new
products that will be priced at or below leading batteries on the
market.
They are raising an initial seed round now, with a $2 million "A"
round to follow immediately.
http://www.fireflyenergy.com/
Contact:
Ed Williams, CEO
303-440-4920, ewilliams@fireflyenergy.com
