Balqon Named US Distributor for Lithium Batteries Manufactured by China-Based Winston Battery; Demonstrates First All Electric RV
Balqon Corp., a developer and manufacturer of zero-emissions heavy-duty electric vehicles and drive systems, has entered in to a Distribution Agreement with Seven One Limited under which Balqon was appointed the exclusive distributor in the United States for lithium iron phosphate batteries and high voltage charging systems manufactured by Winston Battery Limited.
Balqon also completed a $5.0 million private placement of its common stock and warrants to purchase common stock on December 14, 2010. The investor in the private placement was Seven One Limited.
Seven One Limited holds worldwide distribution rights with respect to the high-capacity lithium iron phosphate batteries and high voltage charging systems manufactured by Winston Battery Limited. Both Seven One Limited and Winston Battery Limited are Shenzhen, China-based companies that are headed by leading battery technology scientist, inventor and entrepreneur, Mr. Winston Chung.
"We have used batteries manufactured by Winston Battery along with our proprietary battery management systems since 2009, and have been highly impressed by their performance," said Balwinder Samra, president and CEO of Balqon. "We believe this new distributor relationship and Seven One Limited’s substantial investment in our company will enhance our product offerings and allow us to jointly explore a number of growing market opportunities within the stationary backup power and energy storage markets."
In November, Balqon and Winston Battery Limited jointly showcased their drive systems and battery technologies with a demonstration of what they say is the world’s first all-electric recreational vehicle (RV) with a range of 200 km. on a single charge. The 45-foot RV was manufactured by MVP RV, Inc. of Riverside, California. Using Winston Battery Limited’s advanced charging technology in Balqon’s battery management system, the RV can be fully charged within 20 minutes as compared to 8 hours using traditional methods.
"Working together with the Balqon team to develop the world’s first all-electric powered RV in record time revealed other opportunities we can jointly address across our respective continents using our complimentary expertise and experience," said Mr. Chung. "We believe our synergistic portfolios of battery and vehicle drive control technologies will enable us to enter new developing electric vehicle markets, and provide Balqon a path to diversify from its market niche of heavy-duty electric vehicles."