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Balqon receives order for 300 electric drive systems from China-based Winston Global Energy

Balqon Corporation, a developer and manufacturer of heavy-duty electric vehicles, lithium-ion battery energy storage products and electric drive systems (earlier post), has 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.

Balqon’s electric drive system packages 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 jointly developed the first electric Class A motor home with Riverside, CA based MVP RV, a company owned by Winston Global Energy.

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 Winston Chung.

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% owned by inventor, scientist and developer of lithium iron phosphate batteries, Winston Chung. Chung 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.

Comments

HarveyD

Good news for Balqon. This may be another GM story with more future production and sales in China than in USA.

Who knows, we may soon start to produce and buy innovative electric products locally, even e-buses, e-cars, e-trucks, e-trains etc.

For the first time, GM had more sales in 2010 in China than in USA but stayed number two worldwide just behind Toyota. In the near future, a car producer will have to have strong sales in China and India to stay in the lead position.

HarveyD

Is it true that GM as almost twice as many employees in Asia than in USA?

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