Flux Power Holdings, Inc. CEO, Ron Dutt, Discusses Increasing Demand of Lithium-ion Energy Storage Among Fortune 500 Companies with The Stock Day Podcast
Phoenix, Arizona--(Newsfile Corp. - March 27, 2023) - The Stock Day Podcast welcomed Flux Power Holdings, Inc. (NASDAQ: FLUX) ("the Company"), a company that designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. CEO of the Company, Ron Dutt, joined Stock Day host Everett Jolly.
"Flux Power is a leader in the use of sustainable lithium-ion technology for the electrification of Fortune 500 companies' commercial and industrial equipment. Where are industrial customers at in their focus on electrification - and where does lithium-ion fit in as the best technology for that?" asked Jolly to begin the interview. "Our strategy is to focus on large Fortune 500 companies with large fleets, who are motivated to electrify for several reasons," said Dutt. "By using our products, which are more efficient, companies reduce carbon dioxide," he shared. "Though large and well capitalized, these companies are seeking ever increasing levels of efficiency, and in terms of costs as well."
"By selecting lithium, Fortune 500 companies can achieve a lower, all-in life cycle cost, even though the original purchase price is higher than lead acid," continued Dutt, adding that the Company is able to support companies of this size by building out an efficient and reputable infrastructure. "We are not yet profitable, but we are getting close to that during this period of time," said Dutt. "You have to have the ability to deliver because our proposition to these companies is a long-term relationship."
"What are some of the strategic initiatives you're currently focused on?" asked Jolly. "We have a long list of over 20 actions of supply chain improvements," shared Dutt. "We are also tackling a number of cost reduction initiatives to reduce the cost and also improve the customer experience, as well as the features we can provide to the customer," he said. "Our target as a manufacturing company is to get to over 30% gross margin, and we're well on our way."
"The electrification of material handling equipment and airline GSE fleets are key focus areas for Flux Power. How much demand are you seeing in these two areas for greener initiatives?" asked Jolly. "We are seeing a lot of interest," said Dutt, adding that the Company helps these companies identify their needs, while adapting their solutions to cater to their concerns. "These operations are very intense, very comprehensive, and they all need a supplier who understands that and has worked hard to develop that capability."
"Can you discuss any particular recent customer success stories?" asked Jolly. "We do have many customer success stories," shared Dutt, adding that the Company has to be careful when releasing company identities. "We are working to provide a case study that is both impactful and illustrative of the benefits of FLUX."
To close the interview, Dutt encouraged listeners and shareholders to keep up-to-date on the Company's updates and current projects as they continue to expand in the growing lithium-ion space.
To hear Ron Dutt's entire interview, follow the link to the podcast here: https://audioboom.com/posts/8270618-flux-power-holdings-inc-ceo-ron-dutt-discusses-increasing-demand-of-lithium-ion-energy-storag
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About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power's lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
This release contains projections and other "forward-looking statements" relating to Flux Power's business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power's business, results and financial condition; Flux Power's ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power's ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power's ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power's ability to timely obtain UL Listing for its products, Flux Power's ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power's actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
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