Flux Power® Holdings, Inc. today announced that its lithium
battery technology is powering GreenTech Automotive's (GTA) much-heralded MyCar,
which is expected to be introduced this Friday, July 6. MyCar is scheduled to
be rolled out at a ceremony attended by Former President Bill Clinton at GTA's
expansive manufacturing facility in Mississippi. Also attending the event
are Mississippi Gov. Phil Bryant (R), former Mississippi Gov. Haley Barbour (R)
and Assistant Secretary of Homeland Security Douglas A. Smith.
"Flux has been working with GTA for well over a year now to design and
validate various lithium packs for its MyCar program," said Chris Anthony, Flux
Power CEO. "We have developed a 7, 15, and 23KWh pack with GTA and have already
delivered the first several hundred vehicles worth of battery packs to them for
production. We are excited to collaborate with GTA, another great
American technology company, to supply the world with cost-effective electric
The two-seat, Made-in-America MyCar is a Neighborhood Electric Vehicle (NEV)
which has an estimated range of 115 miles between battery charges. NEVs are
low-speed vehicles that are designed for neighborhood driving, as opposed to
highway driving, and are limited by state laws to maximum speeds of 25 to
35 miles per hour. MyCar is a pure electric vehicle and can be recharged from
any regular household socket (110 volt) and costs about two cents worth of
electricity per mile to operate.
"GTA Chairman Terry McAuliffe and CEO Charles Wang have assembled an amazing
team to put MyCar into mass production, and Flux is proud to help them bring
more jobs to America," Mr. Anthony said. "The world needs affordable electric
vehicles and GTA is well-positioned to deliver them. And Flux Power is
gratified to deliver for GTA."
On June 15, 2012, Flux Power® Holdings, Inc. and its operating
subsidiary, Flux Power, Inc. ("Flux Power"), announced the completion of the
reverse acquisition of Flux Power Holdings, Inc. (formerly known as Lone Pine
Holdings, Inc.), a Nevada corporation and the initiation of trading on the OTCQB
exchange under the new symbol, "FLUX."
Flux Power provides lithium battery storage systems at a price significantly
lower than legacy lead-acid battery systems and half that of other current
lithium system technologies. Industry analysts estimate Flux Power's
addressable market to total $60 billion annually, according to the company.
Much of the market growth is being driven by the increasing adoption of lithium
battery solutions, as provided by Flux Power for electric vehicles and grid
management. Lithium is widely expected to supplant legacy lead acid technology
because of numerous advantages including quality and price. Electric vehicles
have adopted lighter weight energy storage to increase range and payload
abilities. Grid management applications have sought to increase their
systems' cycle life to assure better returns on
their long-term investments. Flux Power believes that all of these needs will
cause the advanced energy storage market to grow exponentially over the next 5
to 10 years.
Flux Power notes that electric vehicles are displacing traditional combustion
vehicles for utility and passenger vehicle needs at an ever-growing rate as
electric vehicle technology becomes more advanced and costs come down. Utility
vehicles such as lift trucks and service vehicles are a natural fit for
electric power, as they are often operated in confined or congested spaces where
excess emissions from combustion vehicles are difficult to manage. Moreover,
lowering these combustion motor emissions is a goal of many Federal and State
agencies. This has also spurred adoption of electric technologies in this
space. Adoption is further assisted by increased environmental consciousness on
the part of consumers, which has increased sales of both hybrid electric and all
electric vehicles. With the decreased costs per mile of electric vehicles and
greatly reduced emissions, the company believes that this market segment will
see fast growth.