SAN FRANCISCO and SHENZHEN, China, July
16, 2014 /PRNewswire/ -- Highpower International, Inc.
(NASDAQ: HPJ), a developer, manufacturer, and marketer
of lithium and nickel-metal hydride (Ni-MH) rechargeable batteries,
and a battery management systems and battery recycling provider,
today announced that the Company has received funding of
RMB3,860,000 (approximately
$622,580) from Shenzhen Strategic
Emerging Industry Development Specialty Funds, set up by the
Development and Reform Commission of Shenzhen Municipality, to
further develop the Company's production line for its in-house
developed solar celled and off-grid home-use energy storage systems
products. The funds will be used to purchase development and
production equipment making such residential systems.
Highpower previously announced a line of commercial ready
off-grid energy storage system (ESS) products, ranging from 0.5KWH
to 15KWH, through its subsidiary, Icon Energy Systems, Ltd.
These products were designed to serve the needs of commercial and
residential power systems, solar power, back-up emergency power,
and outdoor uses. With the additional funding from
Shenzhen's government, the Company
intends to accelerate production of its residential focused product
offering and increasing its budget for further technological
advancements.
Mr. George Pan, Chairman and CEO,
commented, "We are delighted to have received funding from the
local Shenzhen government, which
will assist Highpower in both accelerating the production of its
current product line while also increasing our research and
development for next-generation systems. Both central and
local governments of China are
committed to nurturing and favoring the development of the clean
energy industry, and we look forward to positioning our Company as
a market leader both internationally and domestically within
China. We continue to benefit from increasing government
support and intend to leverage our expertise and production
capability to increase our pipeline of rechargeable battery
products. There are numerous applications that a nimble
company with operational leverage like Highpower can take advantage
of, and we look forward to keeping investors updated on our
progress."
Highpower's ESS products include power capacities of 0.5KWH,
1.5KWH, 3KWH, 5KWH, and 15KWH, coupled with dual charging input
modes, i.e. city grid and solar power compatible. The output modes
are flexible with AC, DC at varying voltages. The switch between
charging and discharging is intelligently designed, and the switch
time is only 5-8 milliseconds, generating no impact to electrical
appliances connected. GPRS-enabled real-time wireless monitoring is
also built in for remote management.
Major countries around the world including the United States, Germany, U.K., Australia, Japan, Korea, and China, have all initiated favorable policies
to promote the use of energy storage system products in developing
the clean energy industry. The energy storage market is expected to
experience tremendous growth over the next few years. According to
Navigant Research, the world micro grid market will increase from
$4.3 billion in 2013 to $19.9 billion in 2020, using conservative
estimates.
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 buses, bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting, etc. Highpower's target customers are Fortune 500
companies, and top 10 companies in each vertical segment. With
advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou 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.
CONTACT:
Highpower International, Inc.
Fendi Yang
+86-755-8968-6521
ir@highpowertech.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao, Associate
86 10 6587 6435
kyao@equityny.com
Adam Prior, Senior Vice
President
(212) 836-9606
aprior@equityny.com
SOURCE Highpower International, Inc.