Flux Power Launches New G96-G2 High Voltage Battery for Ground Support Equipment
Transformative Lithium-Ion Solution Brings Higher Voltage and Efficiency to Now Meet the Airline Industry's Most Demanding GSE Applications Resulting in First Major Airline Purchase Order
Flux Power Holdings, Inc. (NASDAQ:FLUX), a leading developer of advanced lithium-ion energy storage solutions for the electrification of commercial and industrial equipment, today announced the launch of its new G-Series G96-G2 High Voltage lithium-ion energy solution for ground support equipment ("GSE") and its first order by a major airline customer.
Averest Inc., Flux Power's trusted GSE sales and service provider, played a pivotal role in the collaboration and development of the high voltage energy solution driven by customer need, leveraging both Flux Power's and Averest's electric solutions expertise and strong commitment to customer satisfaction to design and deploy a new solution to power the GSE industry.
During the design phase the G96-G2 lithium-ion energy solution was sent to Europe to be rigorously tested with one of the leading GSE OEMs who partnered with Flux Power on the project. Flux Power's innovative 96-volt G96-G2 lithium-ion energy solution will power essential ground support equipment, such as tractors, that require more power for heavier equipment.
"With the launch of the G96-G2 lithium-ion energy solution, Flux Power is delivering an advanced lithium-ion solution that meets the increasing demands for higher voltage, greater efficiency, and sustainability initiatives within the airline sector," said Kelly Frey, Chief Revenue Officer of Flux Power.
"The launch of the G96-G2 lithium-ion energy solution is a game-changer for airline ground support," said Michael Hole, Director of Global Sales and Marketing at Averest, Inc. "This higher voltage and higher capacity solution provides our customers with the extended runtime and power they need for the most demanding GSE applications without compromising on efficiency or sustainability. This is another notable example of how Flux Power continues to innovate to meet the evolving needs of the aviation industry."
Flux Power's G96-G2 lithium-ion energy solution, featuring sizes of diverse power capabilities, built-in heaters to perform in cold temperatures, and a battery management system (BMS) to monitor and optimize battery health, is specifically designed to meet the rigorous demands of industrial applications, providing reliable, high-performance energy storage with a focus on safety and sustainability. Future purchase orders from this major airline customer are expected to follow the initial G96 shipment.
About Averest, Inc.
Averest partners with leading manufacturers of industrial batteries and chargers who have the ability to produce products that meet our customer's specific requirements. Focusing solely on the aviation industry, Averest is able to expertly recommend customized electric power solutions for every situation. Averest is on the forefront of new charging and battery technologies such as lithium batteries and high efficiency rapid charging systems. Averest, Inc. is leading the way towards a cleaner environment by offering technically sound electric power solutions which replace internal combustion engines in airline ground support equipment. For more information, please visit https://averest.co/.
About Flux Power Holdings, Inc.
Flux Power (NASDAQ:FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power's lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
Forward-Looking Statements
This release contains projections and other "forward-looking statements" relating to Flux Power's business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Accordingly, statements are not guarantees of future results. Some of the important factors that could cause Flux Power's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: risks and uncertainties, related to Flux Power's business, results and financial condition; plans and expectations with respect to access to capital and outstanding indebtedness; Flux Power's ability to comply with the terms of the existing credit facilities to obtain the necessary capital from such credit facilities; Flux Power's ability to raise capital; Flux Power's ability to continue as a going concern. Flux Power's ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, cancellation of purchase orders, deferral of shipments, Flux Power's ability to improve its gross margins, or achieve breakeven cash flow or profitability, Flux Power's ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power's ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power's ability to obtain the necessary funds under the credit facilities, Flux Power's ability to timely obtain UL Listing for its products, Flux Power's ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and changes in pricing. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power's actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
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