Electric car pioneer ZAP (ZAAP.OB) announced that the company has recently acquired an exclusive distribution agreement from CCT Power Company for the American market. This distribution agreement specifies that ZAP will be the sole marketer for batteries manufactured by Advanced Battery Technology (GBT).
ZAP made the announcement shortly after talks commenced between Sharon Tang, CFO for Advanced Battery Technologies, and John Honey, President and CEO of CCT Power (http://cctpowerco.com). Furthermore, former CEO of Lotus Engineering also attended this momentums meeting.
“After meeting with ZAP CEO Steve Schneider and Albert Lam in Beverly Hills, I knew right away this is the company we wanted to be working with,” said Sharon Tang.
“Advanced Battery Technologies is working on some of the most important battery developments in the industry and we look forward to incorporating them into vehicle developments for the joint venture with Youngman,” said Albert Lam.
ZAP’s Portable Energy business is the result of several extensive years of research in the development of advanced batteries for electric vehicles. Both ZAP’s Recharge-It-All and iZAP lines help solve the growing battery dilemma for mobile electronics in electronic cars, as they offer a rechargeable source of battery for any electronic device.
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