13:00 | 07.11.2011
Balqon Corporation Enters European Electric Yard Tractor Market
Balqon
Corporation (OTCBB: BLQN), a developer of electric drive system
technologies for commercial electric vehicles, today announced the
successful demonstration of a battery powered all electric yard tractor
that incorporates Balqon Corporation’s XR E20 electric drive system into
a chassis developed by Mol Transport Solutions, a leading manufacturer
of trucks, trailers and waste management systems in Europe. This new
model incorporates the latest drive system and battery management system
technologies currently used on Balqon Corporation’s Nautilus XR E20.
Balqon Corporation believes that the operating costs of the European
yard tractor will be 74 percent lower than the operating costs of its
conventional diesel competitors, making the European yard tractor a
cost-effective alternative in warehouse and marine port applications in
Europe, especially in light of current average diesel fuel prices in
Europe of approximately $7 per gallon. The European yard tractor
incorporates Balqon Corporation’s proprietary electric vehicle drive
system, which encompasses complete power management, propulsion, and
power conversation systems and includes drive trains and energy systems
(i.e., batteries and a charging system). The new product also
incorporates an European chassis that features an ergonomic cabin design
and air bag suspension.
“High fuel costs and environmental laws that are favorable to clean
energy make Europe an attractive market for Balqon Corporation’s
heavy-duty electric vehicles and drive systems,” said Mr. Balwinder
Samra, President and CEO of Balqon Corporation. “The product, which
Balqon Corporation jointly developed with MOL Transportation Solutions,
a strategic partner based in Europe, is the first in the zero emissions
heavy-duty tractor market in Europe, marks, what we believe to be, the
beginning of a shift to zero emissions container movement vehicles in
the continent.”
The European yard tractor can tow loads over 30 tons with a range of
over 16 hours of operation on single charge. The vehicle also
demonstrates below 69 db in noise level and incorporates the latest
idle-shut off technologies that increase energy conservation during
vehicle idling. The new vehicle incorporates Balqon Corporation’s
proprietary battery management system and charging systems that are
compliant with current European safety standards.
About Mol Transport SolutionsFounded in 1944, Mol Transport
Solutions is a developer of high quality container chassis for all types
of containers, tipper designs, RO-RO tractors, refuse vehicle bodies,
rail yard switchers and other heavy duty vocational products. The
company also provides subcontract manufacturing services related to
fabrication of custom vehicles such as fire trucks, military transport
vehicles and refuse vehicles. A team of 500 employees and specialized
technicians are responsible for after-sales service, nationally and
internationally. Mol has ISO 9001-2000 certification, a Caterpillar
Certified Supplier label and the CNH Quality Award. These accreditations
are the outcome of the company’s permanent quality assurance and
constant refinement of production methods.
About Balqon CorporationHeadquartered in Harbor City,
California, Balqon Corporation is a leading developer of zero-emissions
electric drive systems, lithium battery systems and medium to heavy-duty
electric vehicles. Balqon’s proprietary electric drive system
encompasses complete power management, propulsion, flux vector motor
controllers and energy systems. Balqon’s electric vehicles and drive
systems are marketed globally to companies, governments and
municipalities looking for viable and effective ways to reduce their
vehicle maintenance and operating costs and lower carbon emissions.
Balqon is recognized as a pioneer in commercial electric vehicle
technology and development of energy efficient transportation solutions.
For more information, please visit www.balqon.com.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995With the exception of historical information, the
matters discussed in this press release, including without limitation,
the commercial viability of Balqon Corporation’s European yard tractor
in the European market, whether the European yard tractor is a cost
effective alternative to its diesel competitors, whether the yard
tractor has lower operating costs than diesel yard tractors with similar
functionality, whether the introduction of Balqon’s yard tractor will
mark a shift towards the use of zero emissions container movement
vehicles in Europe and the ability of Balqon Corporation to develop a
presence in Europe for its product offerings are forward looking
statements that involve a number of risks and uncertainties. The actual
future results of Balqon Corporation could differ from those statements.
Factors that could cause or contribute to such differences include, but
are not limited to, customer acceptance of the European Yard Tractor;
unforeseen technical issues; the ability of Balqon Corporation to
develop a market presence in Europe, including the ability of Balqon
Corporation and Mol Transport Solutions to introduce new products and
zero emissions technologies to European customers; Balqon Corporation’s
ability to attract sufficient capital and labor to manufacture its
products; the ability of Balqon Corporation to attract and retain
talented individuals; adverse economic and market conditions; the
projected future demand for Balqon Corporation’s products, including
yard tractors and drive systems; changes in technology and governmental
regulations and policies; and other events, factors and risks previously
and from time to time disclosed in Balqon Corporation’s filings with the
Securities and Exchange Commission, including, specifically, those
factors set forth in the “Risk Factors” section of Balqon Corporation’s
most recent Annual Report on Form 10-K and Quarterly Report for the
three and six months ended June 30, 2011 filed with the Securities and
Exchange Commission.
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