Balqon, Inc. (BLQN.OB) $15.9M Purchase Order Creates 150 Jobs in California’s Green Sector

QualityStocks would like to highlight Balqon Corporation (OTCBB: BLQN). Headquartered in Harbor City, California, Balqon is a leading developer of heavy-duty electric trucks, tractors and electric drive systems. The company uses its proprietary flux vector control technology to design propulsion systems for 10 to 50 ton capacity vehicles and material handling equipment. Balqon Corporation's product line of tow tractors equipped with lithium batteries are designed to transport containers at ports, marine terminals, rail yards, warehouses, intermodal facilities, military bases, and mail facilities.

In the company’s news yesterday,

Balqon Inc. announced it has received an order for 300 electric drive systems from China-based Winston Global Energy at a purchase price of approximately $53,000 per unit, for a total of $15.9 million.

Winston Global Energy will integrate Balqon’s electric drive systems into a fleet of buses and market them to local private and government fleet operators in China. Balqon said it expects to begin producing the drive systems in mid-2011.

To fulfill the order, Balqon said it will create approximately 150 job opportunities in Los Angeles in the next 18 months.

“This order from Winston Global Energy validates the competitiveness of our technology in the global marketplace and will result in the creation of high tech green jobs domestically,” Balwinder Samra, president and CEO of Balqon stated in the press release. “We are pleased with results of our emphasis on promoting our electric drive technologies to OEM’s in global markets during the past year.”

Balqon’s electric drive system integrates a high efficiency electric motor and automatic transmission with the company’s proprietary lithium-ion battery management system, a vehicle diagnostic system and related software. Winston Global Energy said that by integrating its lithium battery technology with Balqon’s technology positions the companies to provide a competitive product on the global scale.

“Demonstration of Balqon’s technology integrated into a 25 ton Class A motor home in China convinced us that Balqon’s zero-emissions electric vehicle technology can be applied to other vehicle platforms such as passenger buses in China,” said Winston Chung, president and CEO of Winston Global Energy. “We believe that combining our lithium battery and fast charging technology with Balqon’s proprietary electric drive systems will enable us to provide cost competitive zero-emissions solution to a growing global demand for electric vehicles.”

In 2010, Balqon jointly developed the world’s first electric Class A motor home with Riverside, Calif.-based MVP RV, a company owned by Winston Global Energy. The company also completed a $5.0 million private placement and entered into an exclusive Distribution Agreement with Seven One Limited, an affiliate of Winston Global Energy.

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