Thats correct + few more items.

For bit more detail,

The components (and cost) are... 3rd battery ($37), two 36volt controller ($17 x 2), cable/connector (radioshack - $15), rack bag (already had one), a small basket ($6 from Lowes), bungee cords ($10) and u-bolt ($4) to secure the basket.

There's one other item that I need to purchase - 36v throttle with battery led. This is because once you switch over to 36v, the LED on current controller is always lit up (because its 24v). So I decided to get the thumb setup rather than current twist throttle.

Once you have everything - it takes about 5-10 min to rewire the batteries and about 10-20 minutes for adding wires to one of the bike rack terminal. It actually takes more time to configure the bag/basket. I wanted to make sure that basket is really secure, while bag is removable for recharging in the house. I'll take some pics once I'm done with the final touches.