Energy Ventures Enters into Joint Development Agreement with Young Poong

Energy Ventures Inc. (Toronto, Canada) recently announced that it has entered into a joint development agreement with Young Poong Corp. (Korea). According to the companies, the agreement will greatly accelerate the commercial development of Energy Venture's rechargeable nickel-zinc battery system. Batteries manufactured using Energy Venture's technology are forecasted to have a cost per unit of energy that is half or less than half of the cost of nickel-cadmium and nickel-metal hydride batteries.

As part of the agreement, Young Poong will provide manufacturing experience, battery components and materials, and also testing facilities. In exchange for this support, Energy Ventures has given Young Poong a six-month option on a license for the manufacture and use in Korea of the proprietary nickel-zinc technology.