SAN FRANCISCO and SHENZHEN, China, July 16, 2014 /PRNewswire/ -- Highpower International, Inc. (NASDAQ: HPJ), a developer, manufacturer, and marketer of lithium and nickel-metal hydride (Ni-MH) rechargeable batteries, and a battery management systems and battery recycling provider, today announced that the Company has received funding of RMB3,860,000 (approximately $622,580) from Shenzhen Strategic Emerging Industry Development Specialty Funds, set up by the Development and Reform Commission of Shenzhen Municipality, to further develop the Company's production line for its in-house developed solar celled and off-grid home-use energy storage systems products. The funds will be used to purchase development and production equipment making such residential systems.
Highpower previously announced a line of commercial ready off-grid energy storage system (ESS) products, ranging from 0.5KWH to 15KWH, through its subsidiary, Icon Energy Systems, Ltd. These products were designed to serve the needs of commercial and residential power systems, solar power, back-up emergency power, and outdoor uses. With the additional funding from Shenzhen's government, the Company intends to accelerate production of its residential focused product offering and increasing its budget for further technological advancements.
Mr. George Pan, Chairman and CEO, commented, "We are delighted to have received funding from the local Shenzhen government, which will assist Highpower in both accelerating the production of its current product line while also increasing our research and development for next-generation systems. Both central and local governments of China are committed to nurturing and favoring the development of the clean energy industry, and we look forward to positioning our Company as a market leader both internationally and domestically within China. We continue to benefit from increasing government support and intend to leverage our expertise and production capability to increase our pipeline of rechargeable battery products. There are numerous applications that a nimble company with operational leverage like Highpower can take advantage of, and we look forward to keeping investors updated on our progress."
Highpower's ESS products include power capacities of 0.5KWH, 1.5KWH, 3KWH, 5KWH, and 15KWH, coupled with dual charging input modes, i.e. city grid and solar power compatible. The output modes are flexible with AC, DC at varying voltages. The switch between charging and discharging is intelligently designed, and the switch time is only 5-8 milliseconds, generating no impact to electrical appliances connected. GPRS-enabled real-time wireless monitoring is also built in for remote management.
Major countries around the world including the United States, Germany, U.K., Australia, Japan, Korea, and China, have all initiated favorable policies to promote the use of energy storage system products in developing the clean energy industry. The energy storage market is expected to experience tremendous growth over the next few years. According to Navigant Research, the world micro grid market will increase from $4.3 billion in 2013 to $19.9 billion in 2020, using conservative estimates.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based rechargeable batteries used in a wide range of applications such as electric buses, bikes, energy storage systems, power tools, medical equipment, digital and electronic devices, personal care products, and lighting, etc. Highpower's target customers are Fortune 500 companies, and top 10 companies in each vertical segment. With advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean technology, not only in the products it makes, but also in the processes of production. The majority of Highpower International's products are distributed to worldwide markets mainly in the United States, Europe, China and Southeast Asia.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from the results expressed or implied by such statements. For a discussion of these and other risks and uncertainties see "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public filings with the SEC. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
Highpower International, Inc.
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