Flux Power Engages with Huanyu New Energy to Supply Advanced Lithium Storage Solutions World Wide
Key Agreement Establishes Foundation for Flux and Huanyu to Partner on the Delivery of Cost-Effective, Superior Lithium Battery Solutions for EV, Solar, Grid and Back-up Power Systems
ESCONDIDO, Calif., Oct. 10, 2012 /PRNewswire/ -- Flux Power® Holdings, Inc. (OTCQB: FLUX), an innovator in durable, scalable, and affordable advanced energy storage systems, today announced that it has selected Henan Huanyu New Energy Technology Co., Ltd, as its preferred battery supplier for the production of its advanced lithium energy storage systems.
Headquartered in Beijing, China, Huanyu New Energy is a joint venture by Henan Huanyu Group and Origo Partners PLC, (a British fund management and investment company) that specializes in the research and development, manufacture, and sales of advanced lithium power batteries. Founded in 1982, Henan Huanyu Group was the pioneer of the rechargeable battery industry in China and maintains one of the largest vertically integrated business operations in the Chinese rechargeable battery industry. Huanyu Group supplies their advanced battery solutions to name brands such as BOSCH, Black & Decker, Makita, Electrolux and RYOBI.
Flux identified Huanyu New Energy as an ideal supplier to provide its existing and potential customer base with cost-effective and technologically advanced lithium batteries for Flux Powers' advanced energy storage systems (ESS). Chris Anthony, Flux Power's Chief Executive Officer, commented on the agreement by stating, "This is a major step for Flux Power, as it enhances our ability to work with large customers to meet their design, delivery and quality goals while providing more technologically advanced energy storage systems to all our customers. Huanyu's products deliver consistently superior output and better energy density than any cells we have evaluated and I am confident that our customers will appreciate the added features and safety benefits that Huanyu's products bring to our advanced energy storage systems. I'm also excited to expand our relationship with Huanyu, enabling tremendous growth into new markets."
Huanyu New Energy's battery products consist of soft-packed, large capacity rechargeable Lithium cells without the excess electrolyte of traditional packaged cells. This pouch cell battery technology yields uniformity and longer cycle life with less volatile compounds and enhanced safety. In addition, the batteries can be installed in any direction, substantially improving the utilization of system space. These characteristics make Huanyu cells an ideal power source for the electric vehicle (EV), solar storage, grid storage, and back-up power markets addressed by Flux Power.
"We are delighted to work with Flux Power on their advanced energy storage systems and we hope that this agreement is only the first step towards expanding our relationship in North American, Europe and Asia," said Mr. Cheng, CEO of Huanyu Group.
About Flux Power
Flux Power designs, develops, and sells cost efficient advanced energy storage systems. Incorporated in October 2009, Flux Power began shipping prototype products in the second quarter of 2010 while continuing to develop its intellectual property portfolio. Currently, Flux Power's product offerings include batteries in various sizes and forms, packaged modules, fully tested and validated advanced energy storage systems and various system accessories. These accessories include: stand-alone battery management, stackable chargers, programming software and display systems. Flux Power sells modular advanced energy storage products through distributors and directly to original equipment manufacturers. These customers benefit from Flux Power's advanced systems technologies, which greatly extend cycle life and improve system performance. For more information visit www.FLUXpwr.com or email info@FLUXpwr.com.
This release contains certain "forward-looking statements" relating to the business of the Company. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Further the forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Such forward-looking statements include, among other things, regulatory incentives, the development of new business opportunities, and projected costs, revenue, profits and results of operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission and available on its website (www.sec.gov).
Flux, Flux Power and associated logos are trademarks of Flux Power Holdings, Inc. Other company and product names may be trademarks of their respective owners.
SOURCE Flux Power Holdings, Inc.
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