In September 2007, having acquired patent rights to the zinc-manganese electrochemistry to produce batteries in a non-cylindrical format from a competitor, Hybrid Energy Technologies Inc. (“HET”) was founded. HET was focused on delivering rechargeable battery solutions to the market place, however it recognized a key drawback to its technology was its relatively low cycle life - the number of times a battery can be recharged before it must be replaced.
Since then HET has changed its name to OTI pursuant to a corporate restructuring. It expanded and assembled a world-renowned technical team dedicated to solving the cycle life problem. That team has achieved a major breakthrough in battery chemistry by discovering a way to dramatically improve battery cycle life. This discovery provides OTI a significant market advantage.