Balqon’s Battery Storage System Powers Up University of California, Riverside Building
HARBOR CITY, California. — May 7, 2012—Balqon Corporation (OTCBB: BLQN), a developer of electric vehicles, drive systems and lithium battery storage devices, announced today that on May 5, 2012, a one Megawatt Hour (“MWh”) lithium battery storage system installed by Balqon Corporation at the University of California, Riverside (“UCR”) went operational, providing electric power to the Bourns College of Engineering building. The one MWh battery storage system installed at UCR is one of the largest battery storage systems installed by Balqon and includes lithium batteries and Balqon’s proprietary components, such as Balqon’s 160 kilo Watt (“kW”) battery charger, Balqon’s 240 kW flux vector inverter, Balqon’s battery management system and related power electronics components.
“The six month development period for our battery storage system that is now operational at UCR certainly tested the limits of our inverter and charger technologies. The development period has been an educationally rewarding process for us and has expanded our interest in addressing opportunities in the lithium battery energy storage market. We are using the technologies developed during the UCR project to address other lithium battery storage opportunities related to cell towers and solar and wind energy systems” said Balwinder Samra, Chief Executive Officer of Balqon Corporation. “The use of battery storage systems for peak-shaving applications, where batteries are charged during off-peak hours and the energy stored during that time is used during peak hours, may be an economically viable solution for large commercial buildings and educational institutions,” Samra added.
In January, 2012, the Center for Environmental Research and Technology at the Bourns College of Engineering at UCR received a $2 million award for a two-year project, supported by the South Coast Air Quality Management District (“AQMD”) and involving a number of public and private partners, to build solar arrays, advanced battery storage, vehicle charging stations, an electric trolley, and a grid management system to provide clean energy to clean vehicles efficiently. The installation of Balqon’s energy storage system is part this larger project at UCR. Reza Abbaschian, dean of the Bourns College of Engineering at UCR, stated that this larger “project will allow us to help the City of Riverside make a huge leap toward in realizing its Green Action Plan.” “Our research capabilities, combined with the expertise and resources of our industry and municipal agency partners, promises to provide clean, renewable energy solutions in the years ahead,” Abbaschian added. “We’re pleased that AQMD recognized the benefits of this project,” said Reza Abbaschian. “This is yet another example of our commitment to smart-grid energy solutions that integrate solar energy generation, battery storage, and distribution that are at the core of the mission of CE-CERT and our new Winston Chung Global Energy Center,” he added.
The Winston Chung Global Energy Center is a new venture funded by Balqon’s Chairman of the Board, Chinese inventor, entrepreneur and Fellow of Bourns College at UCR, Winston Chung. Chung’s company, Winston Global Energy, will donate 2-megawatts of rare earth lithium-ion batteries for the project. Balqon, will assist in the conversion of the trolley and in the installation of a additional battery storage, charging and distribution system similar to 1.1-megawatt battery storage system installed by Balqon at the Bourns College of Engineering at UCR.
About University of California, Riverside
The University of California, Riverside (www.ucr.edu) is a doctoral research university, a living laboratory for groundbreaking exploration of issues critical to Inland Southern California, the state and communities around the world. Reflecting California's diverse culture, UCR's enrollment has exceeded 20,500 students. The campus will open a medical school in 2013 and has reached the heart of the Coachella Valley by way of the UCR Palm Desert Center. The campus has an annual statewide economic impact of more than $1 billion.
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's proprietary electric drive system encompasses complete power management, propulsion, flux vector motor controllers and energy systems. 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 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, the economic and commercial viability of Balqon Corporation’s battery storage systems; whether the battery storage systems will provide its users with lower operating costs than the operating costs incurred by users of conventional grid power; whether Balqon’s battery storage systems are a economically viable solution for commercial buildings and educational institutions; whether Balqon will address other opportunities in the lithium battery energy storage market and expand its presence in the energy storage market 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 filed with the Securities and Exchange Commission.