Huizhou, China, July 1, 2024 – BSL Battery - Industrial, a recognized leader in lithium-ion forklift batteries, today announced the closing of its first round of funding at $21 million to expand its cloud platform for AI-based energy management for batteries, as well as to increase sales and expand distribution.
According to Mr. Lin Peng, Technical Director, the cash injection will be used to fund new product technology innovation and product UL2580 certification, enabling the company to provide a fast return on investment for cost-sensitive warehouse operators who are looking to reduce worker safety risks, as today’s challenges in recruiting and retaining workers make their safety a pressing concern for almost any operations or facility manager.
To help protect workers, BSLBATT ® engineers developed advanced material handling batteries and chargers that address the challenges of forklift lead-acid batteries, including short battery life, additional maintenance, and some of the riskier replacement and maintenance activities associated with inefficient energy transfer to improve safety.
Eric Yi, CEO of BSLBATT, said: "Completing this financing with the help of existing investors and new financing partners is a great proof that we are on the right track. With the new capital, we will have a balance sheet that will help us drive growth for existing customers through improved product performance and more UL2580 certifications, which will change the landscape of material handling in the warehousing and distribution sectors."
Haley Ning, Chief Marketing Officer of BSLBATT, said: The existing market is divided into two types of companies. One is the "giants" from the lead-acid battery industry, who either acquire smaller lithium-ion battery companies or develop their own platforms; the other is the "medium-sized companies" like BSL Battery - Industrial that have been involved in the lithium battery industry from the beginning.
"Big companies may have financial advantages, but they are not fast in innovation," he explained. "Small companies must innovate and create differentiation. This is what we are trying to do by further developing the cloud platform for AI-based energy management for batteries."
The research and development projects currently underway have not been disclosed, but the funds will also be used to recruit new employees. The company currently has a total of 288 employees.
They plan to more than double the number of positions in engineering, automation, software, production and sales in the next 12 to 18 months.
In the long term, Haley Ning said BSL Battery - Industrial could diversify to include lithium-ion batteries in other areas, mentioning that competitors are developing similar batteries for Micro excavator, AGV, lithium battery for mining. However, the biggest demand right now is material handling in Europe and North America
“There are more than 10 million forklifts in the world, and about 70% of them are in North America and Europe,” he said. “So it’s a very large market, and we’re just starting to get involved in both markets.”
With lithium traceability becoming more stringent around the world, the company also plans to incorporate traceability of lithium from raw mines to battery cells into its software platform—a standard that Haley Ning said is already in place in Europe.
To learn more about BSL Battery - Industrial, visit www.lithiumforkliftbattery.com, Follow us on YOUTUBE and LinkedIn.
Founded in 2012, BSLBATT is an innovative high-tech company that designs and manufactures smart lithium-ion batteries (up to 50% more efficient than similar products on the market) for industrial forklifts used in the warehousing and distribution industry. The company's mission is to lead customers to clean, safe and innovative lithium technology platforms. BSLBATT offers a range of high-quality lithium-ion battery packs with UL2580, IEC62619, CE and UN38.3 certifications, including proprietary Battery Management System (BMS) and cloud platform technologies, providing customers with better performance, lower cost of ownership and greener solutions than traditional lead-acid and propane batteries in many usage scenarios. Lithium-ion battery packs reduce CO2 emissions and help improve fleet sustainability and ESG metrics. For more information about BSLBATT, visit lithiumforkliftbattery.com.
