would like to highlight Oakridge Global Energy Solutions, Inc.
), an integrated energy storage solutions company focused on the design, development, and manufacture of high-quality cells, batteries and power systems. The company's innovative 'Made in the U.S.A.' product line includes multiple lithium-ion technologies and form factors that are optimized to address three high-demand target markets – including stationary and grid storage; motive applications, such as electric and hybrid electric fleet vehicles; and specialty applications, such as military, aerospace, marine, medical and telecom backup.
In the company’s news,
Oakridge Global Energy Solutions (OTCQB: OGES) has set its sights on the $10 billion unmanned aerial vehicle (UAV) market with its lithium ion batteries, and for good reason. According to a recent report, UAVs or drones will continue to be ‘the most dynamic growth sector of the world aerospace industry’ in the coming decade. Another study estimates the global market for UAVs will grow at an annual compounded rate of 8.12% over the next five years to reach $15 billion in 2020. A lot of this action will be in the U.S. which, at present, accounts for about 65% of the global drone market, and it’s heating up. For example, Facebook (NASDAQ: FB) has developed a drone, called Aquila, which it will use to provide internet access to remote locations.
Oakridge is now poised to deliver cells and battery packs for drones in the recreational remote control market, the film industry, agriculture, law enforcement and the military. The company has branded this battery line the Patriot Series. But it’s not just the skies that have caught Oakridge’s attention. The company has also developed pressure tolerant cells for Unmanned Underwater Vehicles (UUV). These robots are flooded machines in which the battery itself is exposed to deep sea pressures of up to 10,000 pounds per square inch (sea level air pressure is 14.7 psi).
Oakridge’s cells have passed this rigorous abuse testing by the U.S. Navy’s testing laboratory, Caderock, and have been qualified for deployment on the UUVs. Oakridge has its feet firmly on the ground, too. In January 2015, it launched a new range of large format prismatic batteries for the worldwide golf car and local area electric vehicle market. This battery line has been branded the Pro Series. The launch took place at the annual PGA golf show in Orlando, Florida, believed to be the largest golf show in the world. (Prismatic battery cells are rectangular and, while not as efficient as the familiar cylindrical cells, utilise space much more efficiently because of their shape)
Florida is betting on Oakridge. The company has received a $33 million incentive package from the state of Florida, the local county (Brevard County) and the city of Palm Bay. Recently Governor Rick Scott was on hand to open Oakridge’s new corporate headquarters in Palm Bay. The company’s 50,492 square feet manufacturing facility is at Sarno Road in Melbourne, FL. It has the ability to manufacture six megawatt hours of products annually.
CEO Steve Barber expects Oakridge to be producing its first significant revenues during the first quarter of 2016, and to be cash flow positive by the end of that quarter. After a tour of the company’s manufacturing facilities, Governor Scott told reporters “Oakridge Global Energy Solutions could have moved their headquarters anywhere in the world, and I am proud to announce that they chose to remain in Florida and create 1,000 new jobs.” With such an exciting future, Oakridge Global Energy Solutions is certainly no drone.
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.