Boston, MA 08/27/2014 (wallstreetpr) – Highpower International Inc (NASDAQ:HPJ), a $98 million business organization whose shares are up more than 460% over the past 12 months, announced that the Chinese quality agency approved its rechargeable batteries for electric and hybrid electric vehicles. The company manufactures and markets rechargeable batteries and battery management systems. It also provides battery recycling solutions.
The company announced that its lithium-ion battery, 20Ah, received China’s national Quality Control & Inspection’s approval. It said the approval was based on a series of tests that delivered comprehensive evaluation of the product. It also said the product 20Ah is designed to suit the needs of hybrid and electric vehicles.
Green transportation
Highpower International Inc (NASDAQ:HPJ)’s Chief Technology Officer, Wenliang Li, commented on the latest development. He said that the approval of 20Ah is a significant milestone for the company and positions the product for wider adoption in the electric vehicles market. He also noted that China is pushing aggressively towards emerging as a leader in green transportation, a move that widens their market.
Highpower International Inc (NASDAQ:HPJ) announced plans to continue dedicated resources to develop innovative battery products that will not only address the huge demand in the Chinese electric vehicles market, but also launch them on the global market. A shift to green energy is happening rapidly, and electric vehicles are expected to increase on the roads within the decade, which means immense market for providers of the battery solutions used in such vehicles.
Smartwatch battery
Besides innovating for the electric vehicle industry, Highpower International Inc (NASDAQ:HPJ) also offers battery solutions for the smartwatch market. It recently announced the shipping of its compact lithium battery that offers smartwatch users standalone connectivity even without a phone.
According to Highpower International Inc (NASDAQ:HPJ)’s CEO, George Pan, their compact, seamless and high-performance smartwatch battery will position them to better compete in the emerging but promising market of wearables.The company reported more than 22% increase in net sales to $38.1 million in 2Q. Net income also increased significantly by 643% to $0.8 million from $0.1 million a year earlier.
