Balqon Receives Order for 300 Electric Drive Systems
HARBOR CITY, Calif., -- Balqon Corporation (OTC Bulletin Board: BLQN), a developer and manufacturer of zero-emissions heavy-duty electric vehicles, lithium battery energy storage products and electric drive systems, announced at the VERDEXCHANGE Conference, a global event for accessing the California and Western states clean and green marketplace, that it had received an order from Winston Global Energy, headquartered in Shenzhen China, for 300 electric drive systems at a purchase price of approximately $53,000 per unit. Winston Global Energy will integrate Balqon's electric drive systems into a fleet of buses ranging in size from 15 to 40 passenger capacity and market them to local private and government fleet operators in China. Balqon expects that the $15.9 million order will create approximately 150 jobs in Los Angeles County during the next 18 months.
Balqon anticipates that it will begin production of the 300 electric drive systems in mid-2011 at its headquarters in Harbor City, California and plans to begin hiring new employees within the next month. A majority of the 150 jobs expected to be created will be direct labor for the fabrication and assembly of the electric drive systems and the remaining jobs will be in the engineering and research and development fields.
"This order from Winston Global Energy validates the competitiveness of our technology in the global marketplace and will result in the creation of high tech green jobs domestically," said Mr. Balwinder Samra, President and CEO of Balqon. "We are pleased with results of our emphasis on promoting our electric drive technologies to OEM's in global markets during the past year."
Balqon's electric drive system incorporates a high efficiency electric motor and automatic transmission with Balqon's proprietary inverter technology, a lithium-ion battery management system, a vehicle diagnostic system and related software. Balqon's electric drive system provides its customers with a single integrated system for medium and heavy duty commercial vehicles. In 2008, Balqon was the first company to provide a zero emissions electric tractor with a 30 ton capacity to Port of Los Angeles. In 2010, Balqon continued its pioneering vision when it jointly developed the world's first electric Class A motor home with Riverside, CA based MVP RV, a company owned by Winston Global Energy.
"Demonstration of Balqon's technology integrated into a 25 ton Class A motor home in China convinced us that Balqon's zero-emissions electric vehicle technology can be applied to other vehicle platforms such as passenger buses in China," said Mr. Winston Chung, President and CEO of Winston Global Energy. "We believe that combining our lithium battery and fast charging technology with Balqon's proprietary electric drive systems will enable us to provide cost competitive zero-emissions solution to a growing global demand for electric vehicles."
In December 2010, Balqon completed a $5.0 million private placement and entered into an exclusive Distribution Agreement with Seven One Limited, an affiliate of Winston Global Energy headed by leading battery technology scientist, inventor and entrepreneur, Mr. Winston Chung.
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124 kWhr battery can haul up to 90,000 pounds for 50 miles.
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