MILTON, Ga., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) (www.exide.com), a global leader in stored electrical-energy solutions, today introduced ReStore Energy Systems, a new division dedicated to the development and pursuit of new markets for renewable energy storage and lithium ion energy systems.
ReStore Energy Systems is a global division that will utilize proven technologies in lead-acid energy storage, along with recently acquired lithium ion technology, to develop new application-specific solutions for high-growth, global markets such as renewable energy. Technology- and application-specific collaboration with customers will be a hallmark of the new division.
"As a recognized global leader in energy storage, Exide is committed to creating innovative products that address the current and emerging realities of energy storage and usage around the world," said Gordon Ulsh, President and Chief Executive Officer of Exide Technologies. "Our new ReStore Energy Systems division will utilize Exide's proven capabilities in advanced research and development, application engineering, the manufacture of superior-quality products, and customer service. The new division will work closely with Exide's Industrial Energy commercial teams in North America, Europe and Asia to expand renewable and lithium ion technologies, which have the potential to become a significant strategic growth and business development platform for Exide."
"Exide's ReStore Energy Systems is strategically focused on the design and commercialization of industry-leading, renewable energy storage solutions and high-performance, large-capacity lithium ion energy systems," said Gary Reinert, Vice President and General Manager of the ReStore Energy Systems division. "Our goal is to devise sustainable, long-term storage solutions in which technical, environmental and economic factors are perfectly balanced. This division will be highly collaborative with customers, as we work together to develop new products and applications."
The new global division is charged with identifying and pursuing new applications, principally in the following areas:
* Large-scale storage for grid-connected renewable energy (primarily wind and solar) * Off-grid renewable power generation and storage (where the electricity grid does not exist or is frequently unreliable, primarily focused in developing, isolated regions of the world) * New industrial energy storage opportunities that will benefit from high-performance, large-capacity, rechargeable lithium ion batteries (with primary opportunities including stationary power, portable power and motive power applications).
"For renewable energy to be competitive with coal, natural gas, nuclear and oil, it needs to be cost effective and reliable," Reinert said. "At Exide, we believe energy storage is the key to achieving these objectives. We will work to be the partner of choice for system integrators, energy developers, original equipment manufacturers and others who see the growing need for innovative energy storage solutions." In addition to leading the new division, Reinert serves as Vice President of Strategic Planning and Business Development, with responsibility for evaluating product expansion and identifying potential merger and acquisition opportunities.
In the renewable energy space, ReStore Energy Systems' opportunities in North America and Europe will be centered on large-scale storage projects for grid-connected wind and solar farms. In emerging markets in Asia and elsewhere, off-grid solar applications will be particularly important. Local solar energy supply, for example, is becoming very popular in non-grid-connected regions, which need economical, small-scale solutions for storing and later delivering energy where and when needed.
In lithium ion, ReStore Energy Systems intends to capitalize on the performance attributes of the technology to open up new industrial markets for the Exide Onyx lightweight lithium ion energy storage systems. Potential opportunities include the electrification of certain applications that are traditionally powered by fossil fuels. ReStore Energy Systems' efforts will complement the ongoing activities of the global Exide Industrial Energy divisions, which will continue to be responsible for delivering lithium ion solutions for existing industrial network and motive power applications.
About ReStore Energy Systems
ReStore Energy Systems, a division of Exide Technologies, is a developer and manufacturer of industry-leading, renewable energy storage solutions and high-performance, large-capacity lithium ion energy systems. The division's expertise lies in large-scale storage for grid-connected renewable energy; off-grid renewable power generation and storage; and new applications for lithium ion batteries. Further information about ReStore Energy Systems is available at www.restorenergysystems.com.
The ReStore Energy Systems logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6806
About Exide Technologies
Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups -- Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World -- provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Further information about Exide, including its financial results, is available at www.exide.com.
The Exide Technologies logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5067
Forward-Looking Statements
Except for historical information, this press release may be deemed to contain "forward-looking" statements. The Company desires to avail itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "Act") and is including this cautionary statement for the express purpose of availing itself of the protection afforded by the Act.
Examples of forward-looking statements include, but are not limited to (a) projections of revenues, cost of raw materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, the effect of currency translations, capital structure, and other financial items, (b) statements of plans and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (c) statements of future economic performance, and (d) statements of assumptions, such as the prevailing weather conditions in the Company's market areas, underlying other statements and statements about the Company or its business.
Factors that could cause actual results to differ materially from these forward looking statements include, but are not limited to, the following general factors such as: (i) the Company's ability to implement and fund based on current liquidity business strategies and restructuring plans, (ii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (iii) the Company's substantial debt and debt service requirements which may restrict the Company's operational and financial flexibility, as well as imposing significant interest and financing costs, (iv) the litigation proceedings to which the Company is subject, the results of which could have a material adverse effect on the Company and its business, (v) the realization of the tax benefits of the Company's net operating loss carry forwards, which is dependent upon future taxable income, (vi) the fact that lead, a major constituent in most of the Company's products, experiences significant fluctuations in market price and is a hazardous material that may give rise to costly environmental and safety claims, (vii) competitiveness of the battery markets in the Americas and Europe, (viii) risks involved in foreign operations such as disruption of markets, changes in import and export laws, currency restrictions, currency exchange rate fluctuations and possible terrorist attacks against U.S. interests, (ix) general economic conditions, (x) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xi) the Company's reliance on a single supplier for its polyethylene battery separators, (xii) the Company's ability to successfully pass along increased material costs to its customers, (xiii) the loss of one or more of the Company's major customers for its industrial or transportation products, (xiv) recently adopted U.S. lead emissions standards and the implementation of such standards by applicable states, and (xv) the ability of the Company's customers to pay for products and services in light of liquidity constraints resulting from global economic conditions and restrictive credit markets, and (xvi) those risk factors described in the Company's fiscal 2009 Form 10-K filed on June 4, 2009 and the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2009.
The Company cautions each reader of this report to carefully consider those factors set forth above. Such factors have, in some instances, affected and in the future could affect the ability of the Company to achieve its projected results and may cause actual results to differ materially from those expressed herein.