 Flux LiFT pack on pallet jack |
Flux Power Holdings Inc shipped 10 battery packs to defence contractor HDT Global Inc of Solon, Ohio in late March for initial use and military tests.
In February, Flux gained approval to sell its lithium battery 24 v LiFT pack for Class 3 Toyota forklifts. In addition, Flux is moving toward the introduction of a lithium-ion product for Class 1 forklifts in late 2014.
Flux Power's primary focus is on providing lithium-ion power systems through forklift dealers and distributors as an alternative to lead-acid batteries. A secondary Flux emphasis involves electric tug and tow equipment, portable power and stationary power systems. "We anticipate that these markets will be the strongest for aggressive revenue growth over the coming year," the company says. "Currently, we are working with various lift equipment OEMs and their dealers, and separately with battery distributors, to bring our advanced energy storage systems to the lift equipment market on a nationwide basis."
The lithium-ion energy storage start-up is pursuing the due diligence process in anticipation of merging with KleenSpeed Technologies Inc.
KleenSpeed of Mountain View, California develops software products for "smart" energy systems and says it "forms partnerships, joint ventures and marketing agreements with other companies in the lithium technology spectrum where there is mutual benefit for both parties".
Flux Power has spent about USD58,000 on due diligence expenses relating to the proposed deal since Flux and KleenSpeed signed a non-binding letter of intent in June 2013. Flux projects completion of the acquisition by 30 June.
On 13 March, Flux Power named KleenSpeed executive Timothy Collins as a director and executive chairman of the Flux board. Collins, a serial entrepreneur, founded KleenSpeed and is that firm's controlling shareholder, chairman and president. Also, Collins is managing director of Security Research Associates Inc of San Francisco, the agent for a
private placement of Flux Power common stock. The placement was completed in March.
As of 31 March, Vista-based Flux Power had a cash balance of approximately USD673,000 and a total of USD664,000 available under credit lines with Delaware-registered Esenjay Investments LLC.
For the third quarter ended 31 March, Flux Power reports a loss of USD1.7 million on sales of USD94,000.