Lithium Technology (LTHU) Signs MOU with EnerSys (ENS)
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Lithium Technology Corporation (LTC) (OTC: LTHU) has signed a memorandum of understanding (MOU) with EnerSys (NYSE: ENS). The MOU calls for the establishment of a close relationship on the advancement of large lithium ion batteries between the parties.
Upon the completion of the agreement, EnerSys will become the exclusive distributor of LTC's product line of GAIA large lithium ion batteries and cells to the defense and military market as well as to the civil aerospace market, utilizing its worldwide network of sales and support offices, and its strong presence in these markets. Additionally, EnerSys will market LTC's products for stationary and renewable applications on a non-exclusive basis. LTC will become the exclusive supplier of large lithium ion cells to EnerSys. The term of the agreement is for three years with an option for extension by mutual consent of the parties.[SM]
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