Earlier today, Oakridge Global Energy Solutions, Inc. (OTCQB: OGES) announced the commencement of operations at its new $40 million, 70,000-square-foot manufacturing facility in Palm Bay, Florida. Following this announcement, the state-of-the-art facility will immediately begin commercial production. The launch of its manufacturing facility marks the completion of Oakridge’s 17-month transition from a research and development company into a full-fledged battery manufacturing company. It also represents the most significant step forward in the company’s history.
“We are excited to announce that we have now begun regularly shipping our groundbreaking lithium-ion batteries to the golf cart and motorcycle markets, as well as a number of significant custom and semi-custom markets,” Steve Barber, executive chairman and chief executive officer of Oakridge, stated in this morning’s news release. “This signifies the first time Oakridge is on permanent, routine commercial production footing.”
In recent weeks, Oakridge has successfully leveraged the momentum provided by its significant investments in research and product development to achieve a number of milestones. Through a recent sale of assets, the company added $20 million to its balance sheet, and the $2 million debt payoff that followed eliminated all current company debt. Additionally, Oakridge has received more than $30 million in recent state and local tax credits stemming from its operations in Florida’s Space Coast region. This strong financial position helped the company secure a strategic partnership with Sojitz Machinery Corporation of Tokyo, Japan, through which Sojitz will provide equipment, materials and financing to support Oakridge’s sustained growth.
According to the company’s latest guidance, it’s on pace to achieve $250,000 in revenues during the first quarter of 2016, and with an existing pipeline of orders totaling roughly $24 million, the company expects to achieve a break even financial position as early as the second quarter of 2016. Oakridge’s recent expansion of its product portfolio, which has included the introduction of its Pro Series golf car battery systems and its Liberty Series motorcycle batteries, is expected to play a key role in the company’s efforts to increase its share of the domestic lithium ion battery space moving forward.
“With the domestic U.S. market representing over 35% of global demand, we are uniquely capable of leveraging our position as the only domestic manufacturer of lithium-ion batteries,” concluded Barber.
Oakridge management will conduct a conference call to discuss the company’s recent progress today at 2:00 p.m. EDT. To participate in the call, investors should dial +1-712-775-7035, referencing conference ID 684304#.
For more information, visit www.oakridgeglobalenergy.com
Let us hear your thoughts: Oakridge Global Energy Solutions, Inc. Message Board
