DGAP-News: paragon AG / Key word(s): Miscellaneous/Incoming Orders
paragon AG: Voltabox of Texas, U.S. subsidiary of paragon, receives
major order for trolleybus batteries
05.05.2014 / 12:05
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Voltabox of Texas, U.S. subsidiary of paragon, receives major order for
trolleybus batteries
- Expansion of strategic partnership with traction equipment provider
Vossloh Kiepe
- Order to begin with 200 back-up battery packs for electric buses in
Seattle and San Francisco
- Follow-on order tranche for additional 330 battery packs
- Total order value in the double-digit millions of dollars
Delbrück, May 5, 2014 - Voltabox of Texas, Inc., the U.S. subsidiary of
paragon AG specializing in electromobility and based in Austin, Texas, has
received a major order for battery packs in the double-digit millions of
dollars. Vossloh Kiepe, the producer of traction equipment for electrical
vehicles, will be using the high-performance systems from Voltabox as
back-up power supplies for some 200 new electric trolleybuses in Seattle
and San Francisco. Delivery of the battery packs will begin in 2014
already. The order includes an option to expand the purchase to cover a
total of 530 electric buses.
The vehicles for the local transit authorities in Seattle and San Francisco
are being produced in cooperation between Vossloh Kiepe and Canadian bus
producer New Flyer. The partnership may also produce buses for other
cities. The state-of-the-art electric buses are requiring significantly
less energy than buses presently in use. Because Voltabox of Texas, Inc.,
will produce the battery systems in the U.S., they will be in full
compliance with "Buy America" requirements.
Continuation of successful partnership
With this order, the existing strategic partnership between Voltabox and
Vossloh Kiepe enters into a new phase. In June of last year, Vossloh Kiepe
placed an order for 42 battery packs with what at that time was the
electromobility division of paragon AG. Subject to the approval of the
company's annual shareholder meeting on May 14, 2014, the division will be
spun off as Voltabox Deutschland GmbH, a 100% subsidiary of paragon, with
retroactive effect from January 1, 2014.
"With this deal, we are extending the great success enjoyed by our
electromobility division over the past year into 2014 and into the American
market," declared Klaus Dieter Frers, founder and CEO of paragon AG. "We
have structured our business model around this, so that our technology will
be independently marketed around the world under the Voltabox brand, with
our own production in Texas to the same standards as production in our
global headquarters in Delbrück, Germany."
Tremendous revenue potential for electromobility
The primary applications of these products are not only in electric buses
but also for smaller utility vehicles such as forklift trucks as well as in
the solar power industry. In 2013, the electromobility division was among
the most rapidly growing businesses of paragon AG, which sees total revenue
potential in this area of up to EUR 150 million over the next five years.
"Already in 2015, the share of corporate revenues coming from
electromobility could well exceed 30%, thus making the group less dependent
upon automotive industry cycles."
Company profile
Listed in the regulated market (Prime Standard) of Deutsche Börse AG in
Frankfurt am Main, paragon AG develops, produces, and sells advanced
automotive electronics solutions. The portfolio of this direct supplier to
the automotive industry includes products in the following business
segments: sensors, acoustics, cockpit, electromobility, and body
kinematics. Headquartered in Delbrück (North Rhine-Westphalia), paragon AG
has branches in Suhl (Thuringia), Nuremberg (Bavaria), and St. Georgen
(Baden-Württemberg), a sales office in Shanghai (China), and a subsidiary
in Austin (Texas, USA).
Contact
paragon AG
Schwalbenweg 29
33129 Delbrück
Germany
phone: +49 (0) 52 50 - 97 62-0
fax: +49 (0) 52 50 - 97 62-60
website: www.paragon.ag
e-mail: info@paragon.ag
Press contact
Stockheim Media GmbH
Steffen Rinas
phone: +49 (0) 69 - 133 896 21
e-mail: sr@stockheim-media.com
Investor relations contact
Stockheim Media GmbH
Michael Müller
phone: +49 (0) 221/42075-0
e-mail: mm@stockheim-media.com
End of Corporate News
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05.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: paragon AG
Schwalbenweg 29
33129 Delbrück
Germany
Phone: +49 (0)5250 97 62 - 0
Fax: +49 (0)5250 97 62 - 60
E-mail: investor@paragon.ag
Internet: www.paragon.ag
ISIN: DE0005558696, DE000A1TND93
WKN: 555869, A1TND9
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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266351 05.05.2014
DGAP-News: paragon AG: Voltabox of Texas, U.S. subsidiary of paragon, receives major order for trolleybus batteries
| Source: EQS Group AG