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Flux Power (Symbol: FLUX). Innovation for Today and Tomorrow.
VISTA, Calif., Sept. 22, 2017 (GLOBE NEWSWIRE) -- Flux Power Holdings, Inc. (FLUX), a developer of advanced lithium industrial batteries for electric forklifts and airport ground support equipment, today reported results for its fiscal year ended June 30, 2017 (FY ‘17) and outlined recent progress. Flux will host a conference call in October to provide a forum for investor questions, as discussed below.
Flux LiFT Packs
Ramped production capacity for UL Listed walkie pallet jack LiFT Packs to 150 units per month, starting in Q3 ’17. Commercial production now includes power capacities of 95, 135 & 250 Ahe (amp hour equivalents).
Delivered LiFT Pack prototypes for Class 3 End Rider forklifts to select customers in August 2017 for initial piloting.
Added 10 new major customers to our sales prospect pipeline.
° Flux is focusing sales resources on key large end-users, including Fortune 500 companies, with significant national or regional forklift fleets.
° Total addressable battery market for walkie pallet jacks and all electric forklifts is approximately $500M and $6B, respectively.
Made solid progress in improving gross margins, which effort should continue throughout FY 2018.
Standardized Flux LiFT Pack design for on-board battery chargers using Delta-Q Technologies, an industry leader in terms of design, durability and reliability.
Completed significant design improvements and production enhancements throughout FY 2017 including protective devices and enhanced wiring configurations. Recent developments include the addition of external charging and cold weather upgrade options.
New Products Targeting Larger Forklifts
During FY ’17 Flux made significant progress developing higher capacity LiFT Packs to power larger forklifts including Class 3 End Riders and Class 1 forklifts (up to 800 Ah capacity).
Customer evaluation of Class 1 packs to begin in October with commercial production and rollout targeted for January 2018. Class 2 packs under development based on Flux’s modular design, with rollout expected in early calendar 2018.
Airport Ground Support Equipment (GSE)
Launched flagship 72-volt lithium-ion battery for GSE applications to deliver between 300 and 600 amp hour capacity.
Sold two prototype units to leading U.S. airlines in Q3 ‘17 and have deployed four additional GSE packs for piloting with other potential major airline customers.
Large market opportunity in initial stages of conversion from lead acid and internal combustion equipment.
Sales & Marketing
Repositioned sales coverage into four geographic regions overseen by new national accounts sales director Tod Kilgore and three additional hires in the last six months.
Revised strategy to develop market “pull-through” by focusing Flux sales resources on key large accounts.
Each regional salesperson brings extensive experience and credibility in the materials handling industry and/or forklift battery sales, making them ideal resources for OEM’s, dealers and customers.
Flux has refined its product design through customer piloting and feedback; secured UL 2271 Listing and OEM technical approvals; and more recently built-out a scalable, high quality production capability to produce LiFT Packs for walkie pallet jacks, the workhorse of the Class 3 electric forklift market. Flux’s sales strategy utilizes strong working relationships with OEM’s, equipment dealers and battery distributors. More recently, Flux has begun marketing directly to end-users, primarily in the food and beverage industry, to expand the reach of its messaging on the performance and cost benefits of lithium power to a broader base of customer prospects.
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