The average American owns multiple devices powered by
lithium-ion batteries, and this should come as no surprise. Everything from
smartphones and laptops to power tools and electric vehicles take advantage of
the lightweight, high energy density power sources, creating a sizable and
rapidly expanding global market. According to a report by Taiyou Research
(http://dtn.fm/Wvn3T), the global market for lithium-ion batteries is expected
to exceed $30 billion by 2020, capitalizing on continued advancements in key
performance characteristics and increased market penetration. With all this in
mind, it would be easy to think that companies across the country would be
jumping into the stored energy space at a breakneck pace, but that’s simply not
the case. In fact, up until recently, there were no lithium-ion battery
manufacturing facilities in the United States, but one company had the
foresight to correct this surprising omission.
In March, Oakridge Global Energy Solutions, Inc. (OTCQB:
OGES) announced the start of operations at its state-of-the-art manufacturing
facility in Palm Bay, Florida. The major milestone marked the completion of the
company’s near two-year transition from a primarily research and development
company into a full-fledged battery manufacturing company. Following
commencement of manufacturing, Oakridge hit the ground running, racking up an
existing pipeline of orders totaling $24 million and exceeding its revenue
guidance for the first quarter of 2016.
“This is a very exciting time to be part of Oakridge,” Steve
Barber, executive chairman and chief executive officer of Oakridge, stated in a
recent news release. “We have, for the first time in company history (which
dates back to the 1980’s), generated significant commercial revenues in Q1,
2016, and in doing so have exceeded our guidance of $250,000 in expected Q1
revenues.”
To date, Oakridge has been successful in attracting clients
from a number of market sectors, focusing primarily on military, civilian and
medical applications. In January, the company designed a high performance
custom battery for Maritime Tactical Systems, Inc., which designs and produces
the Man-Portable Tactical Autonomous Systems (MANTAS) for use in naval fleet
protection, mine warfare and a number of other challenging applications. In a
field trial for a major defense contractor, Oakridge’s lithium-ion battery
exceeded expectations by expanding the effective range of the MANTAS and
eliminating a number of safety concerns. Oakridge also announced plans to
supply its stored energy solutions to Minnesota-based Freedom Trucking to power
its fully electric interstate truck propulsion system.
Despite the many advantages of lithium-ion batteries over
traditional lead acid batteries, lackluster quality control and inadequate
research and development has played a role in slowing the adoption of the
technology. This issue was highlighted in April of this year, when the UN
aviation agency banned cargo shipments of lithium-ion batteries due to fire
risk. This move could have a positive impact for Oakridge moving forward, as
the company continues to pursue additional market share in the U.S., which
represents over 35 percent of global demand for lithium-ion batteries,
according to Barber.
With a balance sheet featuring no short or long term debt, a
healthy and growing stream of customer orders and a superior product that
boasts up to a 30 percent increase in battery life cycle through its
proprietary chemistry and technology, Oakridge is strategically positioned to
experience significant and sustainable top-line growth throughout the remainder
of 2016 and beyond.
For more information, visit www.oakridgeglobalenergy.com
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