ANN ARBOR, Michigan,
January 7, 2015 /PRNewswire/ --
Arotech Corporation (Nasdaq GM: ARTX), a provider of quality
defense and security products for the military, law enforcement and
homeland security markets, announced today that its Power Systems
Division has received the support of the Israel Office of the Chief
Scientist (OCS) for its Grid Storage Flow Battery Program. The
non-dilutive OCS funding is for $750,000 and is intended to cover thirty percent
of the first year's budget.
The Iron/Iron flow battery is intended to create an affordable
technology that delivers a reliable on-demand supply of stored
energy that accommodates the highly variable nature of renewable
energy sources, acts as a back-up during power disruptions and also
as a load-leveler for conventional power sources balancing between
supply and demand. The resultant product is expected to be very
safe, have a long operating life and a very low system cost versus
competing technologies at below $250/kWh, due to its use of Iron, an abundant
element.
"The program approval and financial support of the OCS is a
solid endorsement from the highest levels for our novel Iron/Iron
flow battery concept," commented Arotech's President and Chief
Executive Officer, Steven
Esses. "We have made great progress in our
development since we initiated this program a year ago, and we are
optimistic that this technology can be a key enabler for renewable
energy. While we still have a number of years of development ahead,
we very much believe that we are creating a game changing
technology for the power generation markets, with massive
potential."
"Given the novel nature of our technology as well the very
significant market potential that our grid storage solution
addresses, the Office of the Chief Scientist in Israel chose to fund our development,"
commented Ronen
Badichi, President of the Power Systems
Division - Europe and Asia. "Our development plans are
progressing well and we continue to meet our interim development
goals. We recently increased the energy density towards our
end-target levels, while improving the overall efficiency of our
technology. With the added support of the Chief Scientist in
Israel, we are on track to
demonstrating a full working lab model in the coming several
months."
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and
security products for the military, law enforcement and homeland
security markets, including multimedia interactive
simulators/trainers and advanced zinc-air and lithium batteries and
chargers. Arotech operates two major business divisions: Training
and Simulation, and Battery and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in
Ann Arbor, Michigan, and research,
development and production subsidiaries in Alabama, Michigan, South
Carolina and Israel. For
more information on Arotech, please visit Arotech's website at
http://www.arotech.com .
Except for the historical information herein, the matters
discussed in this news release include forward-looking statements,
as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect management's current knowledge,
assumptions, judgment and expectations regarding future performance
or events. Although management believes that the expectations
reflected in such statements are reasonable, readers are cautioned
not to place undue reliance on these forward-looking statements, as
they are subject to various risks and uncertainties that may cause
actual results to vary materially. These risks and uncertainties
include, but are not limited to, risks relating to: product and
technology development; the uncertainty of the market for Arotech's
products; changing economic conditions; delay, cancellation or
non-renewal, in whole or in part, of contracts or of purchase
orders (including as a result of budgetary cuts resulting from
automatic sequestration under the Budget Control Act of 2011); and
other risk factors detailed in Arotech's most recent Annual Report
on Form 10-K, as amended, for the fiscal year ended
December 31, 2013 and in Exhibit 99.3
to Arotech's Current Report on 8-K, filed on April 1, 2014, and other filings with the
Securities and Exchange Commission. Arotech assumes no obligation
to update the information in this release. Reference to the
Company's website above does not constitute incorporation of any of
the information thereon into this press release.
Investor Relations Contact
For more information on Arotech or investor/public relations,
please contact:
Ehud Helft and Kenny Green at GK Investor & Public
Relations
Tel: +1-646-201-9246. E-mail: arotech@gkir.com
SOURCE Arotech Corporation