SAN FRANCISCO and SHENZHEN, China, July 16, 2014 /PRNewswire/ -- Highpower International, Inc. (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 received funding of RMB3,860,000 (approximately $622,580) from Shenzhen Strategic Emerging Industry Development Specialty Funds, set up by the Development and Reform Commission of Shenzhen Municipality, to further develop the Company's production line for its in-house developed solar celled and off-grid home-use energy storage systems products. The funds will be used to purchase development and production equipment making such residential systems.
Highpower previously announced a line of commercial ready off-grid energy storage system (ESS) products, ranging from 0.5KWH to 15KWH, through its subsidiary, Icon Energy Systems, Ltd. These products were designed to serve the needs of commercial and residential power systems, solar power, back-up emergency power, and outdoor uses. With the additional funding from Shenzhen's government, the Company intends to accelerate production of its residential focused product offering and increasing its budget for further technological advancements.
Mr. George Pan, Chairman and CEO, commented, "We are delighted to have received funding from the local Shenzhen government, which will assist Highpower in both accelerating the production of its current product line while also increasing our research and development for next-generation systems. Both central and local governments of China are committed to nurturing and favoring the development of the clean energy industry, and we look forward to positioning our Company as a market leader both internationally and domestically within China. We continue to benefit from increasing government support and intend to leverage our expertise and production capability to increase our pipeline of rechargeable battery products. There are numerous applications that a nimble company with operational leverage like Highpower can take advantage of, and we look forward to keeping investors updated on our progress."
Highpower's ESS products include power capacities of 0.5KWH, 1.5KWH, 3KWH, 5KWH, and 15KWH, coupled with dual charging input modes, i.e. city grid and solar power compatible. The output modes are flexible with AC, DC at varying voltages. The switch between charging and discharging is intelligently designed, and the switch time is only 5-8 milliseconds, generating no impact to electrical appliances connected. GPRS-enabled real-time wireless monitoring is also built in for remote management.