HARBOR CITY, Calif., Jan. 25, 2011 /PRNewswire/ -- 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.
About Balqon Corporation
Headquartered in Harbor City, California, Balqon Corporation (OTCBB: BLQN) is a leading developer of heavy-duty electric trucks, tractors and electric drive systems. The company uses its proprietary flux vector control technology to design propulsion systems for 10 to 50 ton capacity vehicles and material handling equipment. Balqon Corporation's product line of tow tractors built on Autocar LLC chassis are designed to transport containers at ports, marine terminals, rail yards, warehouses, intermodal facilities, military bases and mail facilities. For more information about Balqon Corporation, visit www.balqon.com.
About Winston Global Energy
Headquartered in Hong Kong, China, Winston Global Energy Limited is engaged in the business of developing advanced battery storage solutions, electric vehicles and development of charging stations. The Company has investments in US firms engaged in business of manufacturing and marketing of electric trucks, buses, recreational vehicles and luxury vehicles. The Company is 100 percent owned by inventor, scientist and developer of lithium iron phosphate batteries, Mr. Winston Chung who is also the majority shareholder of Shenzhen China based Winston Battery (formerly Thunder Sky Batteries) which produces batteries for electric bikes, electric motorcycles, electric automobiles and hybrid vehicles, and is currently the only company in the world engaged in mass production of rechargeable storage batteries for micro- and e-buses. The company's extensive patented battery and recharging technologies include a unique system for rapid charging (less than half an hour) and the ability to produce high capacity up to 700 Ah batteries. Winston Battery's proprietary technology and manufacturing methods ensures its cost of production and market price is considerably lower than its competitors. For more information, visit www.thunder-sky.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation, the commercial viability of Balqon Corporation's products; the commercial viability of Winston Global Energy's products; the ability of Winston Global Energy to integrate Balqon's electric drive systems into a fleet of buses and market the buses to local private and government fleet operators in China; whether, and the extent to which, the order from Winston Global Energy will result in the creation of jobs in Los Angeles county; and whether the relationship between Winston Global Energy and Balqon Corporation will result in the provision of a cost competitive zero emissions solution to a growing global demand for electric vehicles are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Balqon Corporation could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, unforeseen technical issues; Balqon Corporation's ability to attract sufficient capital and labor to manufacture its products; the ongoing relationship between Balqon Corporation and Winston Global Energy; the ability of Balqon Corporation to attract and retain talented individuals; adverse economic and market conditions; changes in technology and governmental regulations and policies; and other events, factors and risks previously and from time to time disclosed in Balqon Corporation's filings with the Securities and Exchange Commission, including, specifically, those factors set forth in the "Risk Factors" section of Balqon Corporation's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission.
SOURCE Balqon Corporation