Balqon Corporation Signs Agreement to Build Electric Buses in China
HARBOR CITY, Calif.--(BUSINESS WIRE)-- Balqon Corporation (OTCBB: BLQN), a developer of electric vehicles, drive systems and lithium battery storage devices, announced that the Company has entered into a Joint Development Agreement with China-based Sichuan Automobile Industry Co., Ltd (SAIG) to manufacture inner city electric buses. Under this Agreement, SAIG purchased the Balqon electric drive system for integration into a 22 feet bus Chassis.
Balqon_Sichuan Bus Photo (Photo: Business Wire)
The Agreement includes purchase of Balqon's proven electric drive system, featuring its proprietary ZEVQON™ Flux Vector AC controller, and HIQAP™ high-energy lithium batteries. Both companies will provide engineering resources for integration, testing and certification of the product for on-road use in China and North America.
"With the recent introduction of electric taxis in Sichuan Province, we have been leading the effort in design and development of electric passenger vehicles in West China," said Mr. Cao Guodong, President of Sichuan Automobile Industry CO. Ltd. "This agreement with Balqon Corporation allows us to leverage their experience and technical expertise in the heavy duty truck and electric bus market," he added.
"China's recent regulatory initiatives and incentives to reduce diesel powered vehicle emissions helps commercial viability of new technology electric vehicles," said Balwinder Samra, CEO and President of Balqon Corporation. "The increased rate of urbanization in China has led to renewed emphasis on reducing air pollution resulting from diesel powered buses in the urban centers throughout China," he added.
Sichuan Automobile Industry Co. Ltd is a subsidiary of Fulin Group which owns and operates over 5,000 diesel inner city buses in West China and is recently recipient of several grants from the Chinese government to produce low emission vehicles.
About Sichuan Automobile Industry Co., Ltd
Sichuan Automobile Industry Co., Ltd (SAIG) was founded in the 1980s and is a fully owned subsidiary of Fulin Group. Fulin Group has five subsidiaries that include bus manufacturing, passenger car manufacturing, engine assembly plant, distribution and a Service Company that operates inner city buses. SAIG is a leading manufacturer and operator of inner city transit buses, taxis, SUVs and passenger cars. SAIG is known for many nationally renowned car brands such as "Jinding" (bus), "Yema" (light-off-road vehicle) and "Bailu" (Mini-vans). SAIG is the only carmaker in Sichuan province that has both commercial vehicle (bus) and passenger vehicle (light bus) production facilities and is listed in the 12th Five-Year Government Plan of Sichuan Province. SAIG has two production facilities located in Chengdu and Mianyang city. For more information, please visit http://www.yemaauto.cn.
About Balqon Corporation
Headquartered in Harbor City, California, Balqon Corporation is a leading developer of zero-emissions electric drive systems, lithium battery storage systems and medium to heavy-duty electric vehicles. Balqon's proprietary electric drive system encompasses complete power management, propulsion, flux vector motor controllers and energy systems. Balqon electric vehicles and drive systems are marketed globally to companies, governments and municipalities looking for viable and effective ways to reduce their vehicle maintenance and operating costs and lower carbon emissions. Balqon is recognized as a pioneer in commercial electric vehicle technology and development of energy efficient transportation solutions. For more information, please visit www.balqon.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of ability to attract sufficient capital and labor to manufacture its products; the ability of Balqon Corporation to attract and retain talented individuals and other factors affecting the Company and its operations, markets, product, the impact on the China and North American economies resulting from economic slowdown, change in governmental regulation and policies 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 Quarterly Report on Form 10Q filed with the Securities and Exchange Commission.
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KEYWORDS: United States Asia Pacific North America China California
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