Primet Precision Signs $2.1 Million U.S. Army Contract

PRIMET PRECISION SIGNS $2.1 MILLION U.S. ARMY CONTRACT BY HINCHEY TO FURTHER ADVANCED BATTERY TECHNOLOGY RESEARCH

Contract will Help Continue Finger Lake Job Growth in Growing Green-Tech Field

Ithaca, NY (April 28, 2011)- Primet Precision Materials, Inc. today announced that it has signed a Department of Defense contract secured through the direct efforts of Congressman Maurice Hinchey (D-NY) for a research and development program to enable the production of advanced performance lithium ion batteries at a substantially lower cost than current manufacturing processes.

The one-year program in concert with the Army Research Lab will provide $2.1 million in funding to Primet to demonstrate the utility of its NanoScission® process technology in the production of a wide range of materials of interest to the United States Army. Hinchey used his seat on the House Appropriations Defense Subcommittee to secure the funding as part of the 2010 Defense Appropriations bill

“We’re very pleased to partner with the Army Research Laboratory,” said Larry Thomas, CEO of Primet. “The ARL is one of the world’s leading material science and energy research centers. The importance of this research and its impact on such a wide variety of sectors, military and commercial, is substantial. This project would not have been possible without the hard work of Congressman Hinchey who secured the funding. We are thankful that it is now moving forward.”

“The Pentagon is the largest consumer of energy in the world, so developing new energy efficient technologies doesn’t just save taxpayer money, it also makes us more secure,” said Hinchey. “Companies like Primet are creating good local jobs through the development of advanced batteries for the military. Eventually, the technology they develop will be used for consumer products, like more fuel-efficient vehicles that can be linked to a smart energy grid that runs on solar, wind and other renewable power sources. This contract is an important step forward in our efforts to make New York a hub for new energy jobs. I’m so proud of what we have been able to accomplish.

In addition to the funding announced today, Hinchey also helped secure $5 million that is being used for the advanced battery consortium that is enabling Primet and Applied Materials to work together on developing advanced batteries that can, among other applications, more efficiently and effectively store energy generated through solar technology.

The contract will demonstrate the benefits of Primet’s NanoScission® technology on a variety of electrode materials that are of interest to the Army for use in high-voltage lithium ion battery cells. These next-generation materials are needed to create batteries that are smaller, lighter, safer and more powerful than existing batteries for military applications including handheld devices, vehicles and off-grid power generation. They are also of great interest in commercial applications including hybrid and electric vehicles for their high performance characteristics and potential for high-volume production at low costs.

“The electrode materials define the energy capacity of a battery,” Mr. Thomas added. “They’re also the single largest component of the battery’s cost. Primet’s technology provides a way to make those materials in large-volume, with high performance, at substantially lower costs than conventional technologies. Our success in this program will enable domestic battery production for both military and civilian applications at costs and performance among the best in the world.”

Work on the program will start immediately at Primet’s laboratory and production facility in Ithaca, New York.

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