Oakridge Global Energy Solutions Inc., a lithium-ion battery producer, recently revealed the opening of its new $40-million manufacturing plant in Palm Bay, Florida, poised to begin commercial production for military, civilian and medical clients.
“We started 2016 with full commercial production and a customer focus,” Oakridge CEO Steve Barber said. “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.
The Palm Bay plant represents the culmination of a transition first undertaken in July 2014 designed to take the firm from a research and development model to a fully operational manufacturing platform. Oakridge is now positioned to expand commercially with its new 70,000-square-foot site.
“This signifies the first time Oakridge is on permanent, routine commercial production footing,” Barber said. “With the domestic U.S .market representing over 35 percent of global demand, we are uniquely capable of leveraging our position as the only domestic manufacturer of lithium-ion batteries.”
With existing pipeline orders of $24 million, $30 million in recent tax credits, debt payoff and sales of assets, the company stands to grow significantly in 2016, with first quarter revenues forecast in excess of $250,000, new orders for commercial and military equipment batteries, and a contract with Japan’s Sojitz Machinery Corp. for raw material supplies.