Highpower Makes Its First Large Scale Entrance Into Chinese Electric Vehicle (EV) Market With an Order for Large Format Lithi...
25 February 2014 - 11:00PM
Marketwired
Highpower Makes Its First Large Scale Entrance Into Chinese
Electric Vehicle (EV) Market With an Order for Large Format Lithium
Polymer Batteries
Batteries to Be Used in Electric Buses
SAN FRANCISCO, CA and SHENZHEN, CHINA--(Marketwired - Feb 25,
2014) - Highpower International, Inc. (NASDAQ: HPJ), a developer,
manufacturer, and marketer of nickel-metal hydride (Ni-MH) and
lithium rechargeable batteries, and a battery management solution
and recycling provider, today announced that the company has
received its first-ever order for large format lithium batteries to
be used in electric buses from Huizhou Yipeng Energy Technology
Ltd. ("Huizhou Yipeng"), a system integrator serving various large
bus manufactures throughout China. This order marks Highpower's
first large scale entrance into the EV segment.
Highpower will deliver to Huizhou Yipeng two formats of product
including16 ampere hour and 20 ampere hour NCM [Li(NiCoMn)O2]
lithium polymer batteries that have passed the quality test from
China National Quality Center (CNQC) and Huizhou Yipeng. These
batteries will be used in some of China's well-known brands of
hybrid electric buses and plug-in hybrid electric buses. It is
estimated that each hybrid electric bus will be using 96 of
16-ampere-hour battery while each plug-in hybrid electric bus will
use 288 of 20-ampere-hour battery. Highpower expects sales to
Huizhou Yipeng will range between $4 million and $5 million during
fiscal year 2014.
Mr. George Pan, Chairman and CEO of Highpower International,
commented, "This order represents a significant milestone for
Highpower, as we now have expanded our target market from the
traditional consumer electronics market into the rapidly growing
electric vehicles segment. We are also pleased to have teamed up
with a great customer in the EV market. The founder of Huizhou
Yipeng, who worked for the Ministry of Transportation for many
years, has not only accumulated deep knowledge and understanding of
the national EV policy, but is also extremely resourceful in the EV
industry. Many key members of Huizhou Yipeng's technical team, most
notably in its battery management system (BMS), have years of prior
R&D and business development experiences with global auto
companies such as General Motor, Ford, Eaton Corp and ZF. By
collaborating with Huizhou Yipeng, we expect to fast track our
penetration into the EV market."
Mr. Pan continued, "In 2008 and 2010, we supplied a small test
quantity of rechargeable lithium polymer batteries to be used on
some electric buses for the Beijing Olympic Games and the Shanghai
World Expo. Building on this experience, over the past few years we
have strengthened our R&D efforts in battery technology and new
material, accumulated extensive technical know-how, and improved
production capabilities on rechargeable lithium batteries. In
conjunction with the ramping up of our new lithium battery factory
in Huizhou, we believe now is the appropriate time for us to
evolve, penetrate and capitalize on the electric transportation
space and meet tremendous demand for advanced lithium battery
products from the fast-emerging EV market. The Chinese Government
is highly committed to the EV market with the "Energy Saving and
New Energy Car Industry Development Plan" aiming to increase annual
production of pure EV and plug-in hybrid EVs to 500,000 by 2015 and
over 5 million by 2020."
"We are confident that Highpower is on the right track to
diversify our rechargeable battery businesses from not only
consumer electronics but also to the electrical transportation and
industrial energy storage markets, ultimately becoming a global
leader in every aspect of rechargeable battery applications,
including recycling, processing and reusing," concluded Mr.
Pan.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
electric bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting, etc. With over 3,000 employees and advanced
manufacturing facilities located in Shenzhen and Huizhou of China,
Highpower is committed to clean technology, not only in the
products it makes, but also in the processes of production. The
majority of Highpower International's products are distributed to
worldwide markets mainly in the United States, Europe, China and
Southeast Asia.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 that are not historical
facts. These statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may,"
"will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negative thereof or comparable terminology, and
include discussions of strategy, and statements about industry
trends and the Company's future performance, operations and
products. Such statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's
actual results to differ materially from the results expressed or
implied by such statements. For a discussion of these and other
risks and uncertainties see "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's public filings with the SEC. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release.
Financial Profiles, Inc. Tricia Ross +1-310-622-8226 Email
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