XALT Energy, LLC (XALT), a developer and manufacturer of lithium-ion batteries, has signed a global exclusive agreement, valued at more than US$1 billion, with Hybrid Kinetic Group "HK Group" of China for the supply of its Lithium Titanate (LTO) batteries from its manufacturing facilities in Midland for all-electric buses in China. Production is expected to begin during the third quarter of 2015.
Dr. Yung Yeung, Chairman of HK Group commented this supply relationship as a “fine example of Sino-American energy cooperation." As China has been facing with dire environmental pollution, especially smog, the nation is taking many steps to reevaluate traditional transportation models supported by fossil fuels. These steps are anticipated to create significant long-term demand for both electric buses in the country's large and medium sized cities, as well as the batteries that power those buses.
"It has always been our objective to enable electrification of global transportation markets since we ventured into the battery industry several years ago," said Dennis Townsend, Chairman of XALT. "Today's signing of the exclusive supply agreement with the HK Group witnesses a significant step forward towards that goal."
The electric buses will be fully powered by XALT batteries. Each bus will have 68-100 KWh high performance rapid charging batteries, which can be recharged in less than 10 minutes. These electric buses will be leased to municipal transit operators throughout China.
"The XALT team is pleased to partner with HK Group on this project," said Subhash Dhar, CEO of XALT. "Today's announcement demonstrates a clear commitment to modernizing global transportation needs through environmentally clean technologies. One of our core values is the care for the environment. These new, technologically advanced electric buses will reduce greenhouse gas emissions significantly, compared to current diesel powered buses, while ensuring the highest level of efficiency, performance and reliability."
XALT has enjoyed great support from the U.S. Department of Energy, the State of Michigan, including the Legislature, the Michigan Economic Development Corporation, the Michigan Department of Treasury, and the Michigan Department of Environmental Quality, as well as the City of Midland. XALT will continue to work with these agencies on various programs as it moves forward to bring high-quality jobs to Michigan.
To date, XALT has invested more than $600 million in its world-class, fully-automated flexible Lithium chemistry -based manufacturing facility in Midland. The company currently employs 130 people. Utilizing its state-of-the-art production operations, proven technology and talented human capital, XALT delivers practical, cost effective and well-engineered energy storage solutions to its global customers in commercial transportation, as well as marine, and stationary power application industries.
XALT unites its large-format cell technology with the market applications, manufacturing expertise and industry knowledge necessary to be a revolutionary advanced battery manufacturer. XALT continues to expand its knowledge and expertise to explore and evaluate next generation Lithium-ion battery technology and engineered solutions for current and future applications.
(Photo Credit: XALT Energy)
