Oakridge Global Energy Solutions, Inc. has announced the opening of its $40 million, 70,000-square-foot state-of-the-art manufacturing facility in Palm Bay, Florida.
This new facility will immediately begin full commercial production fulfilling orders.
This marks the completion of the Company’s transition-begun in July 2014 and continued through December 2015-from a primarily Research & Development company to a full-fledged battery manufacturing company. With over $40 million invested in research and product development since mid 2013 the opening and operation of the manufacturing facility confirms the commercial viability of Oakridge’s innovations and represents the most significant step forward in the Company’s history.
– Forecasted revenues for Q1 2016-the first for the Company-to exceed $250,000
– First customer orders for its Pro Series batteries include numerous golf courses, golf cart retailers and manufacturers of unmanned maritime vehicles
– Recent sale of assets adding $20 million to balance sheet
– $2 million debt payoff-eliminating all current company debt
– Strategic deal with Sojitz Machinery Corporation of Tokyo, Japan to supply and finance raw materials
– Existing pipeline orders of $24 million
– $30 million in recent State and local tax credits
– Significant additional new capital equipment on order
"We started 2016 with full commercial production and customer focus," said Oakridge CEO, Steve Barber. "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. This signifies the first time Oakridge is on permanent, routine commercial production footing," Barber continued. "With the domestic US market representing over 35% of global demand, we are uniquely capable of leveraging our position as the only domestic manufacturer of lithium-ion batteries."