Balqon Receives Initial $490,000 Purchase Order for Heavy-Duty Electric Drive Systems From New China-Based Distributor
Balqon Corporation, a developer and manufacturer of zero emissions, heavy-duty electric vehicles and drive systems (earlier post), has received a $490,000 order for electric drive systems under a new dealer agreement with DynaProTech, a leading composite automotive parts manufacturer in the People’s Republic of China.
Under the terms of the dealer agreement, DynaProTech plans to integrate Balqon’s zero-emissions electric drive systems into electric buses, heavy-duty trucks, light commercial vehicles and automobiles for use throughout China. DynaProTech will also provide servicing and parts for Balqon’s products throughout China.
Our relationship with DynaProTech is a continuation of our localization strategy to have our drive systems integrated into products manufactured by regional original equipment manufacturers (OEMs) in major world markets. We believe that DynaProTech’s existing customer base in the automotive sector will expedite our ability to promote our technologies to a growing base of OEMs seeking zero-emissions technologies. In addition, we believe that our relationship with DynaProTech will also allow us to showcase our flux vector motor controllers and battery management systems to manufacturers of electric buses, trucks and automobiles in China.
—Balwinder Samra, president and CEO of Balqon Corporation
The relationship with DynaProTech comes at a time where China is expected to increase spending in the alternative-energy vehicle industry. On 4 August 2010, the Shanghai Securities News reported (without citation) that China may invest more than 100 billion yuan (approximately US$14.8 billion) in the alternative-energy vehicles industry during the next 10 years.
DynaProTech represents the sixth international dealer agreement Balqon has established since the beginning of 2010. This includes Argentina-based Autoelevadores Yale, Colombia-based Industrias IVOR, Electric Cars of Costa Rica, Mol Transportation Solutions in Europe and, most recently, Km. Verde in Spain.