Henderson, NV, Jan. 27, 2012 (GLOBE NEWSWIRE) -- K2 Energy Solutions, Inc. (K2 Energy), a leading privately held US developer of rechargeable lithium ion battery cells, modules, packs and systems announced the achievement of key strategic profitability goals in 2011.
K2 Energy’s decision to focus on clean energy storage, implementing its proprietary lithium iron phosphate (LFP) battery technologies, was validated during 2011, as more and more customers completed the qualification process and performed on contract and order commitments which, to the knowledge of the Company, resulted in K2 Energy becoming one of the first profitable LFP battery companies in the US.
"We are particularly proud of this achievement, considering our size and the hurdles to enter the advanced battery market", said Dr. Johnnie Stoker, CEO and a founder of K2, responding to recent commentaries on the industry. "We have done this on the merits of our technology and without the massive government subsidies that our US, Japanese, Korean and Chinese competitors have received. We will continue to work diligently to provide market leading energy performance in our products at prices that make using our technology compelling, while maintaining a sustainable business model."
According to K2 Energy, reaching profitability in 2011 is the result of revenues increasing year-over-year. The company’s impressive growth was recognized nationally in 2011 by Inc. Magazine, when K2 Energy was named the 79th fastest growing, privately held US company and locally by the Technology Business Alliance of Nevada (TBAN) as the 2011 Green Technology Company of the Year.
"We plan to build on this positive momentum as our products continue to gain recognition and integration into large scale applications. We look forward to the challenges and opportunities before us in 2012 and expect to be able to announce new, strategic contracts and design wins as our key customers enter into routine commercial purchases" Dr. Stoker concluded.
For more information about K2 Energy Solutions or any of its rechargeable battery options, visit them at the Electric Vehicle Symposium in Los Angeles, California, May 6th through the 8th, booth #931 or online at www.k2battery.com.
About K2 Energy Solutions, Inc.: K2 Energy is a leading developer and manufacturer of advanced lithium ion batteries, cells, packs, modules and systems for a broad range of mobile and fixed energy storage applications. K2’s customers include electric vehicle makers, utility companies, industrial equipment manufacturers and government agencies, among others who are opting for the safe, clean, cost effective and reliable alternatives to current battery technologies. K2 is a privately funded corporation formed and headquartered in the growing green technology hub of Henderson Nevada, with manufacturing and assembly sites in Nevada, Finland, and China.
To the extent required by law, forward-looking statements in this news release are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and applicable securities laws. When used herein, words such as "expect", "anticipate", "estimate", "may", "will", "should", "intend," "believe", "Plan" and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by K2 Energy in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that K2 Energy believes are appropriate in the circumstances. Many factors could cause K2 Energy’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Readers should not place undue reliance on K2 Energy’s forward-looking statements. K2 Energy has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.