VISTA, CA -- (Marketwired) -- 05/12/16 -- Flux Power Holdings, Inc. (OTCQB: FLUX), a developer of advanced lithium batteries for industrial applications including electric forklifts, today announced that it has delivered a custom-developed, 72-volt battery pack to power electric aviation ground support equipment, initially baggage/cargo tractors. Averest, a leading distributor of industrial batteries and chargers for aviation ground support equipment organized the pilot opportunity for Flux.
The pilot highlights the scalability of Flux Power's design and engineering capabilities as well as its proprietary battery management technology for a broad array of motive power applications. The performance and total cost of ownership benefits of lithium-ion technology over legacy lead-acid batteries, long the principal power source for electric aviation ground support equipment, was a principal motivator for the pilot.
The 8-week planned piloting period for Flux's new "Aviation Pack" design will start this week at the Los Angeles International Airport (LAX). Piloting is a necessary precursor to final design and feature considerations as well as the potential future larger scale deployment of Flux Aviation Packs by the airline customer. Immediately following this piloting period, the Aviation Pack will be piloted by a second national airline at their LAX location. Flux has also received an initial inquiry from a global aerospace company about pricing on Flux packs for ground support equipment.
Grand View Research, Inc. expects the global aircraft ground handling system market to reach annual sales of $526 million by 2022 up from $338 million in 2014. Growth over the forecast period is being driven by projected increases in global air traffic, and airlines are seeking ways to cost effectively scale their operations.
Ron Dutt, Flux CEO, commented, "While Flux remains principally focused on executing on the commercial rollout of our LiFT Pack line of forklift batteries, we are also focusing on a handful of significant opportunities to leverage our design and technology expertise in other industrial applications. Electric ground support applications dovetail nicely with our work to develop larger and more powerful solutions. We are grateful to Averest and their clients for the opportunity to bring our next generation solutions to the aviation ground service equipment market."
Flux Power has developed solid, broad-based interest in its LiFT Pack line of batteries for "Walkie" pallet jack forklifts. Flux solutions bring a range of performance, efficiency and cost benefits to material handling-intensive businesses. Noted for higher sustained run times, improved charging and minimal maintenance compared to lead-acid alternatives, Flux lithium-ion storage solutions are an ideal power source currently used in logistics intensive sectors such as beverage, grocery, food and consumer goods. Airline ground support equipment operators can expect to benefit from these very same characteristics.
About Averest, Inc. (http://averest.biz)
Averest, Inc. provides industrial batteries and chargers designed for electric powered aviation ground support equipment. Based in Atlanta, GA, Averest has assembled a team of professionals with extensive backgrounds in the airline ground support equipment industry. Averest is leading the way towards a cleaner environment by offering technically sound electric power, ZERO emissions solutions with a lower lifetime cost than internal combustion engines. Averest, Inc. -- Cleaning the Skies from the Ground Up
About Flux Power Holdings, Inc. (www.fluxpwr.com)
Flux Power develops and markets advanced lithium-ion energy storage systems ('batteries') based on its proprietary battery management system (BMS) and in-house engineering and product design. Flux storage solutions deliver improved performance, extended cycle life and greater return on investment than legacy solutions. Flux sells direct and through a growing base of distribution relationships. Products include advanced battery packs for motive power in the lift equipment, tug and tow and robotics markets, portable power for military applications and stationary power for grid storage.
This release contains projections and other "forward-looking statements" relating to Flux's business, that are often identified by the use of "believes," "expects" or similar expressions. Forward-looking statements involve a number of estimates, assumptions, risks and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include the development and success of new products, projected sales, the Company's ability to timely obtain UL Listing for its products, the Company's ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Company believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, Company can give no assurance that such statements will prove to be correct, and that the Company's actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Company assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
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