HARBOR CITY, Calif. -- (BUSINESS WIRE) -- Balqon Corporation (OTCBB: BLQN), a developer of electric vehicles, drive systems and lithium battery storage devices, announced $925,000 in funds earmarked for Balqon Corporation to develop three on-road electric trucks, Model MX-30 for use at the Port of Los Angeles and Long Beach. According to Air Quality Management District Board minutes, Balqon would provide three battery electric trucks with 100 mile range and a DC fast charger utilizing 500 kilowatt-hour lithium battery energy storage unit. Demonstration of DC Charging using battery energy storage is expected to reduce charging costs and charge time for heavy duty electric trucks.
“We are pleased to be selected for the project funded by Department of Energy to demonstrate viability of zero emission electric trucks in short haul drayage applications at Port of Los Angeles and Long Beach,” said Balwinder Samra, CEO of Balqon Corporation. “This project will help us develop and demonstrate short charge times by using lithium battery energy storage systems we have developed for renewable and energy storage industries,” he added.
AQMD will be the administrator of this grant with final contracts with the Department of Energy and AQMD expected to be signed during the first Quarter of 2013. The full agenda is published on AQMD website: www.aqmd.gov.
About Balqon Corporation
Headquartered in Harbor City, California, Balqon Corporation is a leading developer of zero-emissions electric drive systems, lithium battery storage systems and medium to heavy-duty electric vehicles. Balqon electric vehicles and drive systems are marketed globally to companies, governments and municipalities looking for viable and effective ways to reduce their vehicle maintenance and operating costs and lower carbon emissions. Balqon is recognized as a pioneer in commercial electric vehicle technology and development of energy efficient transportation solutions. For more information, please visit http://www.balqon.com. Balqon Corporation’s common stock trades on the OTC Bulletin Board under the symbol “BLQN”. Follow us on Twitter @balqon or http://twitter.com/balqon or visit our Facebook page at: http://www.facebook.com/balqoncorporation.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation, whether the final contracts will be approved by AQMD; whether fast charging will lower charging cost are forward looking statements that involve a number of risks and uncertainties. The actual future results of Balqon Corporation could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, market acceptance of the Balqon’s technologies and solutions; unforeseen technical issues; Balqon Corporation's ability to attract sufficient capital and labor to manufacture its products; the ability of Balqon Corporation to attract and retain talented individuals; adverse economic and market conditions; the projected future demand for Balqon Corporation’s products, including the changes in technology and governmental regulations and policies; and other events, factors and risks previously and from time to time disclosed in Balqon Corporation's filings with the Securities and Exchange Commission, including, specifically, those factors set forth in the "Risk Factors" section of Balqon Corporation’s most recent Annual Report on Form 10-K and Quarterly Report for the nine month ended September 30, 2012 filed with the Securities and Exchange Commission.