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Electro Energy Inc. Raises $750,000
From Sale of Warrants

Cash infusion to aid company's short-term liquidity needs

Electro Energy Inc. Press Release

FlashlightNews.org - 7/31/2008


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Electro Energy's bipolar nickel-metal hydride battery design

Electro Energy's bipolar nickel-metal hydride battery design

DANBURY, Ct. - Electro Energy Inc. (NASDAQCM: EEEID) announced today that the company has completed a $750,000 sale of warrants.

Michael E. Reed, President and Chief Executive Officer of Electro Energy Inc., stated, "We are pleased to announce this additional investment by a current shareholder. We are continuing to seek additional sources of capital to fund our development efforts and ongoing business initiatives. This investment will provide us with the short-term liquidity we need in order to pursue longer term financing to allow us to aggressively execute our business plan." Mr. Reed added, "We have made significant progress in our efforts to begin shipping 18650 rechargeable lithium ion cylindrical cells, the standard in the electronics industry, from our Gainesville, Florida plant. Underwriters Laboratories has certified our 2.2Ah cell, and we are providing samples to targeted customers for their testing and qualification. Electro Energy's effort to commercialize its 18650 cells is at a time of high demand and a global shortage. These efforts should help us to achieve our goal of attaining significant commercial revenue in the second half of 2008." Additional information is available in the Company's Form 8-K filed on July 28, 2008.

About Electro Energy Inc.

Electro Energy Inc., headquartered in Danbury, Connecticut, was founded in 1992 to develop, manufacture and commercialize high-powered, rechargeable bipolar wafer cell nickel-metal hydride batteries for use in a wide range of applications. Its Colorado Springs operation is AS9100/ISO9001 certified and supplies aerospace-grade high quality nickel cadmium batteries and components for satellites, aircraft and other specialty applications. EEEI is developing high power lithium rechargeable batteries utilizing the Company's proprietary bipolar wafer cell design. Its Gainesville, Florida facility is the largest lithium ion battery manufacturing plant in the US with annual capacity of over 30 million 18650 cylindrical cells, the standard cell used in the electronics industry. For further information, please visit www.electroenergyinc.com.



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