ALTERGY SETTLES DISPUTE WITH ENERSYS
FOLSOM, California–August 13, 2014~ Altergy Systems (“Altergy”), a global leader in the design, manufacture, sales, marketing and deployment of clean and green hydrogen fuel cell power systems, announced today that it has entered into a binding term sheet with EnerSys Delaware, Inc. (NYSE: ENS) in regard to arbitration proceedings held before the American Arbitration Association (“AAA”).
EnerSys Delaware, Inc. (“EnerSys”) is the world’s largest lead-acid battery company and Altergy’s former exclusive distributor for certain markets in the United States. On May 13, 2014, the AAA issued an award in Altergy’s favor on a claim that EnerSys had tortiously interfered with Altergy’s sales of its products.
Under the terms of the agreement, EnerSys will pay to Altergy $40 million in settlement of Altergy’s claims. “We are pleased to have reached an agreement with EnerSys that will settle this matter without the need for further litigation,” commented Eric Mettler, President and CEO of Altergy. “With this settlement, Altergy can turn its focus back to what we do best: Changing the Way the World Gets its Power.”
Altergy Systems® is the global leader in the design, manufacture, sales, marketing and deployment of fuel cell power systems. Altergy’s Freedom Power™ products provide freedom from the grid, freedom from foreign oil, freedom from traditional energy solutions, freedom from batteries and freedom from pollution and are “Changing the Way the World Gets Its Power.”
For more information about Altergy Systems, visit www.altergy.com .
Altergy, Altergy Systems and Freedom Power are trademarks of Altergy Systems. Copyright © 2001-2014 Altergy Systems. All Rights Reserved.
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