Arotech Announces New Grant from Israel Office of the Chief Scientist for Grid Storage Flow Battery
ANN ARBOR, Mich., Feb. 16, 2016 /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 an additional grant from the Israel Office of the Chief Scientist (OCS) for its Grid Storage Flow Battery Program. The new non-dilutive OCS funding is for approximately $720,000 and is intended to cover 40% of the planned R&D budget for 2016.
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.
"We are extremely encouraged by the progress our research and development team has made over the past year, and this support from the Office of the Chief Scientist serves as a strong validation of our work and the significant opportunity that we believe exists for grid storage technology," commented Steven Esses, Arotech's President and Chief Executive Officer. "While we still have a number of important development milestones to achieve in the coming years, I am optimistic that our Iron/Iron flow battery concept can ultimately be a viable and cost effective technology to enable next generation renewable energy storage."
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 Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Michigan, South Carolina, and Israel. For more information on Arotech, please visit Arotech's website at www.arotech.com.
Investor Relations Contacts:
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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 for the fiscal year ended December 31, 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.
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SOURCE Arotech Corporation