XALT Energy has signed a multi-year contract, valued at over $1.0 billion, with Hybrid Kinetic Group of China to supply lithium titanate batteries for electric buses in China. Production is expected to begin during the third quarter of 2015.
Dr. Yung Yeung, Chairman of HK Group, said, “XALT’s high quality and cost-competitive battery products fit very well with our group’s strategy of launching all-electric public transit buses in large scale with our unique business model.”
“It has always been our objective to enable electrification of global transportation markets since we ventured into the battery industry several years ago,” said Dennis Townsend, Chairman of XALT. “Today’s signing of the exclusive supply agreement with the HK Group witnesses a significant step forward towards that goal.”
Each bus will use XALT battery packs with capacity of 68 to 100 KWh, which can be recharged in less than 10 minutes. The buses will be leased to municipal transit operators throughout China.
Michigan-based XALT Energy (originally founded in 2009 as Dow-Kokam) supplies large-format lithium-ion batteries for a variety of applications – automotive customers include the Formula E racing series and ZeroTruck, a builder of powertrains for commercial vehicles.