SAN FRANCISCO and SHENZHEN, China, October 22, 2014 /PRNewswire/ -- Highpower International, Inc. ("Highpower International" or "the Company") (NASDAQ: HPJ), a developer, manufacturer, and marketer of lithium and nickel-metal hydride (Ni-MH) rechargeable batteries, and a battery management systems and battery recycling provider, today announced that the Company has successfully delivered an advanced electric vehicle ("EV") battery system to the Harbin Institute of Technology ("HIT"). The EV battery system was installed on an electric race car designed by HIT for Formula SAE China that was held in Xiangyang, Hubei Province from October 15th to October 18th, 2014.
Mr. George Pan, CEO of Highpower International, stated, "This is the second time we delivered complex EV battery systems to Harbin Institute of Technology for their electric race cars for the Annual Formula SAE competition. The Formula SAE China is a great forum to allow Highpower to demonstrate its technical capabilities for designing EV battery systems. Since earlier this year, we have already started shipping electric bus batteries to our domestic customers. We will continue to address the growing EV market in China and explore opportunities worldwide."
Mr. Wenliang Li, CTO of Highpower International, added, "Highpower's engineers designed a 7.3 KWh battery system with Li(NiCoMn)O2 lithium polymer batteries and a voltage at 400V for Harbin Institute of Technology. Our power battery system can achieve active energy balancing and has a real-time remote management system to track its working status. Highpower will continue to dedicate its R&D resources for the electric vehicle applications and we look forward to our continued progress."
About Formula SAE
Formula SAE is an established educational motorsport competition, hosted by the Society of Automotive Engineers (SAE). The competition aims to inspire and develop enterprising and innovative young engineers. Universities from across the globe are challenged to design and build a single-seat racing car in order to compete in static and dynamic events, which demonstrate their understanding and test the performance of the vehicle. The format of the event is such that it provides an ideal opportunity for the students to demonstrate and improve their capabilities to deliver a complex and integrated product in the demanding environment of a motorsport competition.
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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