I don't know that it will me NiMH. Where did you get that idea from?

Some quotes from Veloteq's website

Veloteq is also teamed with Powergenix of San Diego, CA to develop a revolutionary new power supply offering greatly reduced size, weight, and recharge time and also a greater usable life, more than double that of conventional lead acid battery power supplies. It will permit a much longer travel distance between recharges. This project will come to reality in the last quarter of 2007. It serves as another example of world leading Veloteq electric bicycle technology advances.

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10. Are there new emerging technologies which will improve the performance of power supplies?
Definitely yes. Veloteq and PowerGenix Corporation of California are engaged in the development of a revolutionary new type of power supply that will offer the advantages of technologies such as NiMH and Lithium Ion, without the high cost and much publicized dangers of lithium. The power supply weight will be reduced by over 50%, recharge time will decrease to 80% of power capacity in one hour, size will be reduced, and the travel range will be increased. In addition, they will contain no toxic or polluting materials. This project is on track and scheduled for release in early 2008.