Lockheed Martin Signs Strategic Cooperation Agreement with Infinite Power Solutions
King of Prussia, Pa., 10/28/2008 --
Lockheed Martin [NYSE: LMT] and Infinite Power Solutions (IPS) announced the signing of a cooperative agreement to apply unique Micro Energy Cell products from IPS to systems and solutions that Lockheed Martin is developing for military and civil applications.
"We believe that this cooperation will result in a new class of networked, mobile electronic devices that can take advantage of energy harvesting to reduce the burden of battery weight and power management for our customers," said John Mengucci, president of Lockheed Martin IS&GS' Mission & Combat Support Solutions. "We are very excited about the opportunity to further develop this new technology to help solve one of the key challenges facing warfighters today."
"This working agreement provides a unique opportunity for Lockheed Martin to combine its integration expertise, domain knowledge, and customer presence with IPS' innovative solid-state, rechargeable, thin-film micro-battery technology," said Raymond R. Johnson, president and CEO of Infinite Power Solutions, Inc.
Infinite Power Solutions, Inc. is the global leader in developing and manufacturing solid-state, rechargeable thin-film energy storage devices (commonly known as thin-film batteries) for micro-electronic applications. Founded in 2001, IPS is a privately held company with corporate headquarters and the world's first high-volume manufacturing facility for its thin-film micro-energy cell products (MEC™) in the western suburbs of Denver, CO. Additional information about IPS is available at www.InfinitePowerSolutions.com.
Headquartered in Bethesda, MD, Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2007 sales of $41.9 billion.