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Flux Power Engages with Huanyu New Energy to Supply Advanced Lithium Storage Solutions World Wide
Oct 10, 2012 (06:10 PM EDT)
Key Agreement Establishes Foundation for Flux and Huanyu to Partner on the Delivery of Cost-Effective, Superior Lithium Battery Solutions for EV, Solar, Grid and Back-up Power Systems
ESCONDIDO, Calif., Oct. 10, 2012 /PRNewswire/ -- Flux Power® Holdings, Inc. (OTCQB: FLUX), an innovator in durable, scalable, and affordable advanced energy storage systems, today announced that it has selected Henan Huanyu New Energy Technology Co., Ltd, as its preferred battery supplier for the production of its advanced lithium energy storage systems.
Headquartered in Beijing, China, Huanyu New Energy is a joint venture by Henan Huanyu Group and Origo Partners PLC, (a British fund management and investment company) that specializes in the research and development, manufacture, and sales of advanced lithium power batteries. Founded in 1982, Henan Huanyu Group was the pioneer of the rechargeable battery industry in China and maintains one of the largest vertically integrated business operations in the Chinese rechargeable battery industry. Huanyu Group supplies their advanced battery solutions to name brands such as BOSCH, Black & Decker, Makita, Electrolux and RYOBI.
Flux identified Huanyu New Energy as an ideal supplier to provide its existing and potential customer base with cost-effective and technologically advanced lithium batteries for Flux Powers' advanced energy storage systems (ESS). Chris Anthony, Flux Power's Chief Executive Officer, commented on the agreement by stating, "This is a major step for Flux Power, as it enhances our ability to work with large customers to meet their design, delivery and quality goals while providing more technologically advanced energy storage systems to all our customers. Huanyu's products deliver consistently superior output and better energy density than any cells we have evaluated and I am confident that our customers will appreciate the added features and safety benefits that Huanyu's products bring to our advanced energy storage systems. I'm also excited to expand our relationship with Huanyu, enabling tremendous growth into new markets."
Huanyu New Energy's battery products consist of soft-packed, large capacity rechargeable Lithium cells without the excess electrolyte of traditional packaged cells. This pouch cell battery technology yields uniformity and longer cycle life with less volatile compounds and enhanced safety. In addition, the batteries can be installed in any direction, substantially improving the utilization of system space. These characteristics make Huanyu cells an ideal power source for the electric vehicle (EV), solar storage, grid storage, and back-up power markets addressed by Flux Power.
"We are delighted to work with Flux Power on their advanced energy storage systems and we hope that this agreement is only the first step towards expanding our relationship in North American, Europe and Asia," said Mr. Cheng, CEO of Huanyu Group.
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SOURCE Flux Power Holdings, Inc.