SAN FRANCISCO and SHENZHEN, China, May 1,
2015 /PRNewswire/ -- Highpower International,
Inc. ("Highpower International" or "the Company")
(NASDAQ: HPJ), developer, manufacturer, and marketer of lithium and
nickel-metal hydride (Ni-MH) rechargeable batteries, management
systems and recycling services announce today it has secured a
contract to produce a 100KWH energy storage system (ESS) for China
Southern Power Grid Co., Ltd. (CSPG). This ESS system is
designed to maintain a balance of supply and demand over the south
China grid as part of a long-term
energy storage project developed by CSPG. While financial
terms of the agreement were not disclosed, the contract is expected
to be filled, with all batteries and battery management system
(BMS) delivered, by the end of May
2015.
GSPG invests, constructs and operates power networks in regions
of south China and is one of the
largest utility suppliers in the world. This order makes up a
critical part of their energy storage station. Power plants take
advantage of grid integrated ESS in dealing with fluctuating energy
demand. This demand differs over the course of the day, with
greater needs during peak hours and lower demand at night. ESS
systems such as the one Highpower is producing for CSPG are used
for feeding power to the grid at times when consumption that cannot
be deferred or delayed exceeds production. In this way, electricity
production need not be drastically scaled up and down to meet
momentary consumption. Instead, transmission from the combination
of generators plus storage facilities is maintained at a more
constant level.
George Pan, President and CEO of
Highpower, stated, "ESS systems have far reaching applications, not
just in integrated grid technologies or stand-alone systems, and
there is a real possibility this technology will be entering the
residential market. This is a promising market, as policies
and incentives are making it more economically feasible to
sell battery systems to businesses, utilities, and
residences. We intend to leverage our expertise in developing
battery technologies to take advantage of the growing energy
storage market as a manufacturer, and believe that projects such as
our agreement with CSPG represent an exciting new era our Company's
development."
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. 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 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, including, our ability to successfully expand sales of
our lithium battery product in the mobile device market and our
ability to effectively compete in that market. 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.
CONTACT:
Highpower International, Inc.
Sherry Chen
+86-755-8968-6521
ir@highpowertech.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao, Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior, Senior Vice
President
(212) 836-9606
aprior@equityny.com
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SOURCE Highpower International, Inc.