Hybrid Technologies is focused on developing and marketing electric-powered vehicles and products based on advanced lithium battery technology. The company has converted several vehicles to electrical power and is beginning the production of its Mini Cooper lithium hybrid.
The company’s advanced battery technology offers some of the industry’s fastest charger systems. Hybrid Technologies uses high density and lightweight lithium-ion batteries that can be charged by simply plugging them into a common household electrical outlet.
Hybrid Technologies has signed contracts with NASA, the Canadian Ministry of Transportation, the City of New York, the US Navy, and Paratransit, a New York transportation company, among others. Increasing government support and sponsorship of environmentally friendly technologies will likely create future government contracting opportunities for the company.
Environmental concerns and the need to reduce dependence on foreign oil are encouraging governments to promote the purchase of hybrid vehicles. In the US, hybrid electric cars qualify for a federal income tax credit of up to $3,400. European buyers also benefit from government incentives. In the Netherlands, a EUR 6000 discount is offered for new hybrid vehicles and the Republic of Ireland offers a 50% discount on registration taxes for hybrid vehicles.
The analyst concluded the report stating, “HYBT recorded revenues of nearly $1 million in the first nine months of 2007 and is on track to reach $1.5 million by fiscal year-end. We expect HYBT’s future growth to match or exceed the growth rates of other HEV manufacturers who are already producing double and triple digit growth. In view of the industry’s favorable growth outlook, and the strong progress HBBT has made in gaining visibility and market acceptance for its hybrid products, we are initiating coverage of HYBT with a Speculative Buy rating and a $5.12 price target.”
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