LITTLE FALLS, N.J., March 9, 2009 (GLOBE NEWSWIRE) -- In reaction to the new Economic Stimulus Plan, mPhase Technologies, Inc. (OTCBB:XDSL) announced that it will pursue funding opportunities arising from the $2 billion allocated for advanced battery technology. The mPhase/AlwaysReady Smart NanoBattery has the potential to impact new energy efficient vehicle applications. Eligibility for the $2 billion in competitive grants to support manufacturing advanced vehicle batteries and components is to be determined by the Department of Energy, with a final decision made by the Office of Energy Efficiency and Renewable Energy.
Said mPhase CEO Ron Durando, "We are excited that the stimulus plan recognizes the importance of advanced battery technology, and we are confident that our Smart NanoBattery technology can play an important role in improving energy efficiency." The Smart NanoBattery is being developed as part of the Phase II STTR Grant that was awarded by the United States Army in 2008. As a multiple cell battery with a shelf life of at least 20 years, the Smart NanoBattery can potentially be integrated with emergency functionality in commercial electric and hybrid electric vehicles to supplement the main power supply, for powering some of the critical electronic components of the vehicle.
The Department of Energy must provide facility funding awards to manufacturers of advanced battery systems and vehicle batteries produced in the United States, including advanced lithium ion batteries, hybrid electrical systems, component manufacturers, and software designers. A rechargeable version of the Smart NanoBattery can be designed with lithium ion chemistry for a wide range of energy-efficient applications.
The upcoming NanoBusiness Alliance Public Policy Tour represents an opportunity for mPhase to interact with key public officials that will have an impact on how the stimulus funds are distributed. The 8th Annual NanoBusiness Alliance Public Policy Tour will take place from March 17-19 in Washington, DC.
About mPhase Technologies, Inc. and AlwaysReady, Inc.
mPhase Technologies, Inc. (OTCBB:XDSL), through its wholly owned subsidiary AlwaysReady, Inc., is focused on developing and commercializing a new battery technology based on a well-patented phenomenon known as electrowetting, which provides a unique way to store energy and manage power that will revolutionize the battery industry. For more information, please visit our website at www.mPhaseTech.com.
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