Electric Fuel Corp. (Iselin, NJ) announced that Koor Industries Ltd. (Tel Aviv, Israel) has agreed to complete a previously contracted equity investment of $10.0 million in Electric Fuel, at a price of $10 per share.
The company said that the proceeds will be used for marketing and for the expansion of its production capacity. Electric Fuel is currently running-in its first automated production line and expects that, by year's end, the first line will have production capacity of up to 500,000 batteries per month.
