Exhibit 14



LITHIUM TECHNOLOGY CORPORATION



CODE OF ETHICS APPLICABLE TO THE CHIEF EXECUTIVE OFFICER,

CHIEF FINANCIAL OFFICER AND FINANCIAL OFFICERS



EFFECTIVE DECEMBER 31, 2003



|I. | Introduction
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Lithium Technology Corporation (LTC) requires ethical conduct in the financial management of LTC and all of its direct and indirect
subsidiaries including, but not limited to GAIA Holding B.V. and GAIA Akkumulatorenwerke GmbH (collectively, the Company). The Chief Executive Officer, Chief Financial Officer, Controller, Treasurer, financial and accounting managers,
and all other employees performing similar functions for the Company (Covered Officers) hold important roles in Companys corporate governance and are uniquely positioned and empowered to ensure that the Companys, and its
stockholders, interests are appropriately balanced, protected and preserved. This Code of Ethics provides principles and standards of conduct that these Covered Officers must adhere to and advocate in order to promote the following objectives:



| |  | Honest and ethical conduct.
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| |  | Avoidance of conflicts of interest between personal and professional relationships.
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| |  | Full, fair, accurate, timely and understandable disclosure in Securities and Exchange Commission reports and other public communications.
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| |  | Compliance with governmental laws, rules and regulations.
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| |  | Prompt internal reporting of violations of this Code of Ethics.
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| |  | Accountability for compliance with this Code of Ethics.
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|II. | Standards of Conduct
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The Company expects each of the Covered Officers to:



| |  | Understand and comply with this Code of Ethics.
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| |  | Formally and promptly communicate any violation of this Code of Ethics of which you become aware to appropriate senior management, or in the case of the Chief Executive Officer, to
outside legal counsel of the Company.
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| |  | Act at all times with honesty, integrity and independence, avoiding actual or apparent conflicts of interest in personal and professional relationships.
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| |  | Discuss with the appropriate senior management, or, in the case of the Chief Executive Officer, with outside legal counsel, in advance any transaction that reasonably could be
expected to give rise to a conflict of interest.
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| |  | Report any actual or potential conflict of interest involving yourself or others of which you become aware to appropriate senior management, or, in the case of the Chief Executive
Officer, to outside legal counsel.
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| |  | Make and keep reasonably detailed books, records and accounts which present fairly and accurately the transactions and disposition of assets of the Company.
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| |  | Do not cause or knowingly permit to exist false or misleading books, records or accounts or tamper with or destroy any book, record or document with the intent to obstruct an audit,
review or investigation or knowingly permit such to occur.
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| |  | Provide fair, accurate, complete, objective, timely and understandable financial and non-financial disclosures in internal reports of the Company as well as documents filed or
submitted to the Securities and Exchange Commission, any other government agency or self-regulatory organization, or used in public communications.
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| |  | Actively participate in the disclosure process.
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| |  | Comply with all applicable laws, rules and regulations of federal, state and local governments, the Securities and Exchange Commission, and any other exchanges on which LTCs
stock is listed, and other appropriate private and public regulatory agencies.
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| |  | If the Chief Executive Officer or Chief Financial Officer, review LTCs annual and quarterly reports before certifying and filing them with the Securities and Exchange
Commission.
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| |  | Act in good faith, responsibly, with due care, competence, diligence, and without knowingly misrepresenting material facts or otherwise dealing unfairly.
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| |  | Protect and respect the confidentiality of information acquired in the course of work except when authorized or otherwise legally obligated to disclose. Do not use confidential
information acquired in the course of work for personal advantage.
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| |  | Responsibly use and control assets and other resources employed or entrusted to your supervision.
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| |  | Comply with the Companys policies and procedures, including with respect to confidentiality of proprietary information, intellectual property, non-competition, use of Company
opportunities or assets, the environment, health and safety and insider trading or tipping.
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|III. | Adherence to the Code of Ethics
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All Covered Officers are required to strictly comply with and adhere to the requirements set forth in this Code of Ethics. Any Covered Officer found to
have violated this Code of Ethics, shall be subject to disciplinary measures including reprimand, suspension, dismissal or civil lawsuit. The Company will not allow retaliation against a Covered Officer for reporting, in good faith, a possible
violation of this Code of Ethics.



It is also the policy of the
Company that each Covered Officer acknowledge and certify to the foregoing annually.



The Board of Directors of LTC shall have the power to monitor and make determinations with respect to violations of this Code of Ethics.



|IV. | Disclosure of Modifications and Waivers
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Any and all modifications or waivers of this Code of Ethics shall be made by the Board of Directors or designated committee thereof and disclosed within
five business days after such modification or waiver on Form 8-K or the Companys website (provided that the Company has previously disclosed the website address in its Form 10-KSB along with a notice that it plans to use its website for this
purpose).



CERTIFICATION



In my role as an executive officer of Lithium Technology Corporation, I
certify that I have and will continue, to best of my knowledge and ability, to adhere to and advocate the foregoing principles, responsibilities and standards of conduct governing my professional and ethical conduct.



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