Li-ion Motors Corporation (OTCBB:LMCO) (Frankfurt XETRA:LL9L) www.Li-ionMotors.com: September 16, 2010 – 21st Century Design & Engineering of emission-free, all electric high speed, long range automotive propulsion systems using the latest lithium-ion battery technology, is proud to represent the United States as the Progressive Automotive X-Prize announced them as winners of the Alternative Side-by-Side class and awarded $2.5M today at a formal ceremony in Washington, DC.
Li-ion Motors Corp outperformed global competition with their innovative and aerodynamic, WAVE II, that consistently excelled in rigorous efficiency, safety and performance endurance races achieving impressive results with a 191 MPGe on the highway run.
Li-ion Motors team leader, Ron Cerven, reflected, “With recent environmental catastrophes including BP oil spill contaminating American waters, Li-ion Motors immediately intends not only to manufacture our products in the USA, but also license our technology to automotive manufacturers worldwide. The United States will lead the world in accelerating ecology benefits by sharing this technology. This licensing to manufacturers globally will result in an improved carbon footprint worldwide.”
The Progressive Automotive X-Prize has allowed the company to accelerate in the industry as they proceed with improving their vehicles’ performance with enhancements to their proprietary Battery Management System (BMS) and further increase efficiency by an additional 10 to 20%.
Automotive manufacturing giants, like Nissan and GM, have spent tens of millions of dollars on electric vehicle innovation and are still fine-tuning their technology before making it available to the public.
Manufacturers intending to license from Li-ion technology will save millions of dollars, eliminate years of research and development and will result in a state-of-the-art, full functional, tested-and-proven prototype within four months of licensing.
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FORWARD LOOKING STATEMENT
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company’s current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ.
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