155 Buses Now Powered by the Company's Large Format Lithium Batteries in China
SAN FRANCISCO and SHENZHEN, China - Highpower International, Inc. (NASDAQ: HPJ), ("Highpower," or the "Company") 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 its large format lithium batteries are now installed on 155 hybrid electric buses in China as of March 31, 2015, mostly being operated in municipal areas in Shanghai.
In the first quarter of 2015, the Company's large format lithium batteries were installed on another 74 hybrid electric buses in additional to 81 buses installed in 2014. The hybrid electric buses are mainly manufactured by Shanghai Wanxiang Daewoo, a Chinese and Korean automobile joint venture.
According to market data estimates, there are around 1.5 million buses in operation in China today, with a mandate that they can only be on the road for eight years. This equates to a changeover market of around 190,000 buses every year in China, without taking into account any growth.
Today, only 6% of the Chinese population owns a vehicle. The figure is growing, but 94% of 1.4 billion people still need transportation, and they do this largely by bus. A recent announcement stipulated that starting in 2016, 20% of government vehicle purchases must have zero emission technology. A report by Navigant Research, by 2018 it is expected that 75,000 electric buses will be on the roads globally, with the Asia-Pacific market making up 75% of the market.
Mr. George Pan, Chairman and CEO of Highpower, commented, "Electrical transportation is a strategic and important market for Highpower. China's central and local governments are committed to fighting air pollution. Since our large format lithium batteries were certified by China's National Quality Control Inspection Center for Buses last August, we have been actively exploring the electric bus market in China along with our partners. We are optimistic about the growth opportunities of the market in the coming years."
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, 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.
SOURCE Highpower International, Inc.