BSL New Energy Technology Co., Ltd. receives $21 million in Series A financing to reduce worker safety risks

Huizhou, China, July 1, 2024 – BSL Battery Factory, the world’s leading lithium-ion golf cart battery manufacturer, has completed $21 million in financing to expand its cloud-based battery energy management platform and increase distribution and sales.

Mr. Lin Peng, technical director, said that with this financing, the company will be able to develop new product technology innovations and prepare for North American golf cart UL2771 certification, enabling cost-sensitive golf cart and low-speed vehicle operators to quickly reduce worker safety risks, as recruiting and retaining workers has become increasingly challenging, making worker safety a top concern for most facility managers and operations managers.

BSLBATT® engineers have developed advanced low-speed power car batteries (LiFePO4) and IP67 chargers to help protect workers from golf cart lead-acid batteries, which have a longer life cycle of up to 7,000 times, do not require additional maintenance, and due to higher energy transmission efficiency, travel farther, accelerate faster, and are more stable without attenuation.

Eric Yi, CEO of BSLBATT, said: “We were able to complete this financing with the help of existing investors and new financing partners, which proves that we are on the right track. By improving our product performance and obtaining more UL certifications, we will be able to drive growth with existing customers, which will be a game-changer in the golf cart and low-speed vehicle sectors.”

Future Plans

Haley Ning, Chief Marketing Officer of BSLBATT, said: One type of company dominates the existing lithium-ion battery market, namely those from the lead-acid battery industry, which either acquire smaller companies or develop their own platforms; the other type is organizations that have been involved in the lithium battery industry from the beginning, such as BSL Battery-Factory.

“Large companies may have financial advantages, but they fail to innovate fast enough,” he said. For small companies to succeed, they need to innovate and stand out. This is exactly what we aim to achieve by further developing our AI-based battery energy management cloud platform. ”

The research and development projects currently underway have not been disclosed, but the funds will also be used for employee recruitment. Currently, the company has 288 employees.

In the next 12 to 18 months, they plan to more than double the number of engineering, automation, software, production and sales positions.

The company could move into lithium-ion batteries in other areas, and Haley Ning mentioned that competitors are developing similar batteries for UTVs that use lithium batteries for long periods of time. However, the biggest demand right now is for LSVs (low-speed vehicles) in Europe and North America.

According to him, North America and Europe account for 51% and 23% of golf courses worldwide, respectively. We are just starting in both markets, so it is a very large market.”

The company’s software platform will also incorporate traceability requirements for lithium – a standard that Haley Ning said is already in place in Europe.

To learn more about BSL Battery-Factory,

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ABOUT BSLBATT

In 2012, BSLBATT was founded as an innovative high-tech company, and lithium-ion batteries have become indispensable in the electrical industry. We aim to provide North American customers with lithium batteries with reliable quality and high cost performance. BSL Battery is a leading manufacturer of lithium iron phosphate (LiFePO4) batteries for electric forklifts, electric golf carts, material handling equipment, aerial work equipment, warehousing, low-speed vehicles (LSV), RVs, marine and floor cleaning equipment. Helping customers improve their work, life, and living environments is our sense of achievement. It is our sincere hope to change the plight of people using old battery technology by using BSL lithium batteries in North America. Work easily and live happily with us.