A LiFT pack from Flux Power

Lithium-ion energy storage start-up Flux Power Holdings Inc of Vista has completed a USD1,944,000 private placement of common stock. Security Research Associates Inc of San Francisco was the placement agent.

Publicly traded Flux Power has identified Class 3 forklifts as a key market for its motive power LiFT packs, which are designed for lead-acid battery replacement and new applications.

Flux Power says it is targeting equipment dealers, battery distributors and large end-users, conducting demonstrations and providing units to customers and distributors initially in the Arizona, California, Florida, Georgia, Missouri, Texas and Virginia markets.

A LiFT pack retails in the range of USD3,300 to USD6,200, depending on power and duration of use.

Flux Power may roll out a lithium-ion product for Class 1 forklifts in late 2014. "Larger solutions (such as Class 1) could be eight times the LiFT pack pricing," the company says.

During 2013, the company conducted trials beginning in March and moved forward with management in August approving the product for commercial applications.

Flux Power says Arlan Purdy, product manager with Raymond Corp of Greene, New York, gave approval on 31 January for use of the 24v on Raymond's Class 3 line.

Along with Raymond, sister company Toyota Material Handling USA (TMHU) of Columbus, Indiana makes the Flux Power technology available.

"Toyota sees lithium-ion batteries as viable and in demand now," TMHU says. "We're pleased the Flux LiFT-24v-TRW battery pack testing went well, and our Class 3 walkie pallet truck can be ordered with this power source through our special design request. Although the initial price might be higher than a typical lead-acid battery, lithium-ion batteries are completely sealed, making them maintenance-free. They also charge quickly and hold their charge longer. Lithium-ion batteries have great growth potential especially given their lack of dependency on government subsidies."

From February 2012 to January 2013, Flux Power and Hyster Co of Greenville, North Carolina worked jointly on a development project for a ride-on forklift. The project, if pursued, would have required extensive engineering and development work to integrate the power source and the Hyster equipment. Hyster is an operation of Hyster-Yale Materials Handling Inc.

On 19 March, Flux Power appointed Timothy Collins as executive chairman of the board of directors, succeeding Flux co-founder Christopher L Anthony, who remains on the board. The firm also named Ronald F Dutt as a director. Collins is co-founder, chairman and president of KleenSpeed Technologies Inc, and Dutt is Flux Power's CEO and acting chief financial officer.