There is a lot of talk these days about the future of automobiles and whether electric cars or alternative fuels are going to emerge as the clear winner over the next five to ten years. Whatever the case, the sure thing is that combustible engine vehicles are going to meet some competition in the future. While there aren’t many lines of electric cars at the moment, the number is expected to go ten-fold within the next several years. The one thing that appears to be regularly overlooked, however, is that of medium and heavy-duty vehicles.
Harbor City, California-based Balqon Corporation has not let the concept pass them by. The Company is a leading developer and manufacturer of lithium battery energy storage products, electric drive systems and has the first and only field-tested Zero-Emissions products in production for heavy-duty Class 7 and Class 8 applications.
Balqon’s supplies and services customers across the globe and has also sold its products to the California South Coast Air Quality Management District and the City of Los Angeles for use at the Port of Los Angeles. In November of 2010, T&K Logistics, Inc., the provider of logistics services to the Ford Motor Company and the manager of on-site transportation of trailers and containers at the Ford Motor Company’s Assembly plant in Wayne, Michigan, leased ten of Balqon’s Nautilus XE20 yard tractors for use at the Ford Motor Company’s Assembly Plant in Wayne, Michigan, for a period of three years.
Today, Balqon 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 for a total order of $15.9 million. 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.
Production on the electric drive systems is tentatively targeted to start in midway through this year. In a fact that all too often goes without mentioning as the focus of contracts for publicly-traded companies is always on the monetary value of the agreement and how it will impact share price. Balqon noted that this contract will create approximately 150 new jobs in Los Angeles County during the next 18 months.
This is not the first time that Balqon has worked with Winston Global Energy. The two are beginning to develop a history with their pioneering visions working together to stay at least one (if not two or three) steps ahead of the rest of the industry. In 2010, Balqon jointly developed the world’s first electric Class A motor home with Riverside, CA based MVP RV, a company owned by Winston Global Energy.
Shares of Balqon have been on the run lately, surging in the last two weeks from 75 cents to touch $1.76 today. More on Balqon Corporation and its products can be found on the Company’s website at www.balqon.com