mPhase Technologies, Inc. (OTCBB: XDSL) announced today that their Phase II STTR Grant was renewed by the U.S. Army. The two year grant was initially awarded in September 2008 for the amount of $750,000. mPhase will continue to develop the Smart NanoBattery under this grant program through September 2010. The development goal is a small footprint, reserve style multi-cell, 3 V lithium chemistry micro-arrayed battery with a minimum of a 20-year shelf life and uninterruptible power output during this period.
The renewal of the Phase II grant represents the significant accomplishments that have been made over the last 12 months in building a functional lithium Smart NanoBattery prototype for a computer memory application. Upon a successful completion of the Phase II program, mPhase plans to enter production and commercialize their unique battery technology.
mPhase CEO Ron Durando commented on grant renewal, "I am extremely pleased that the U.S. Army has recognized the incredible strides we have made over the last 12 months. The potential for our unique technology is clear and commercialization of the Smart NanoBattery is within our grasp."
mPhase earned the STTR grant through the SBIR (Small Business Innovation Research) program, a US government program concentrated on providing funds for small businesses with the potential to commercialize research and development efforts. STTR grants are available to a small percentage of small businesses that work in conjunction with university development partners. mPhase Technologies has been working with the Energy Storage Research Group (ESRG) at Rutgers, The State University of New Jersey, during mPhase's Phase I grant project in 2007. mPhase and Rutgers ESRG will continue to work together until the Phase II project is completed.
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