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Flux Power Holdings, Inc. (NASDAQ: FLUX) is a leading provider of lithium-ion energy storage electrification solutions for the industrial and commercial sectors. Battery packs are cheaper and a more environmentally friendly alternative to lead acid and propane based power solutions.
In an email interview with AlphaStreetFlux Power CEO Ron Dutt spoke about the company’s products and growth strategy.
What differentiates Flux Power products and solutions from others on the market?
The differentiation of Flux Power products and solutions includes (a) UL Certification, for safety and durability; (b) “SkyBMS” telemetry that provides real-time reports via the cloud sent from our packages that provide data along with summary reports of package health, performance, and remaining life; and (c) nationwide service capabilities, with more than 17,000 lithium battery packs for sale/field material handling.
When do you expect to achieve consistent profits, and what is your strategy?
Our current initiatives in terms of gross margin improvement (costs and prices) and revenue trajectory should lead to profitability this year. Note that we do not provide guidance beyond directional comments.
Can you tell us about your plans for 2023, in terms of expanding your business?
Our sales strategy is focused on large fleets, typically Fortune 500 companies that find the value proposition of better performance with lower lifetime costs. We continue to add new customers every month who realize the value. New customers need to build and review relationships that support lower lifetime costs, then become suppliers for ongoing business. Customer support and service maintain that relationship, which leads to incremental growth.
What are the emerging trends in energy storage, and what do you think about the future of the industry?
Emerging trends in energy storage generally reflect increased confidence in the value proposition of lithium-ion solutions for a variety of automotive and industrial equipment, along with energy storage backups such as solar backup. In addition to forklifts and airport ground support equipment, we are watching rapidly developing applications, such as warehouse robotics and large forklifts that now use diesel or propane. Advances in lithium-ion chemistry are being made globally with private and government funding. Fast charging, along with other charging alternatives, is another area with dynamic growth.
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Considering its impressive track record, do you see significant opportunities for the company in the electric vehicle market?
Yes – but we want to narrow down our core areas that include opportunities in industrial equipment/trucks that match our assembly process and expertise. We know who we are and we will pursue the right opportunity.
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