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
Let us hear your thoughts: Oakridge Global Energy Solutions, Inc. Message Board
