REDMOND, Ore. - Expion360 Inc. (NASDAQ: XPON), known for its lithium-ion battery power storage solutions, has announced that its EX1 SmartTalk™ Bluetooth® batteries are now compliant with UL 1973 safety standards. This compliance signifies the company's adherence to rigorous safety protocols and its commitment to innovation within the expanding lithium battery market.
The company's achievement comes at a time when the global demand for advanced energy storage solutions is surging, partly due to the increased adoption of renewable energy and the need for more reliable power storage options. Industry reports forecast the lithium battery market to grow significantly, with expectations of a compound annual growth rate (CAGR) of over 14% in the upcoming years.
Expion360's EX1 SmartTalk Bluetooth batteries, available in 12.8V configurations with capacities of 368Ah and 450Ah, are designed with safety and convenience in mind. The SmartTalk Bluetooth feature allows for real-time monitoring and control, offering users insights into battery status and performance.
"We are proud to achieve UL 1973 compliance for our EX1 SmartTalk Bluetooth batteries," said Brian Schaffner, CEO of Expion360. "This certification underscores our commitment to safety and our dedication to innovation and excellence in a growing industry."
The company also emphasizes the reliability of its products by offering a 12-year warranty, ensuring that customers can depend on consistent power for various applications, including recreational vehicles, marine vessels, and off-grid homes.
The UL 1973-compliant batteries have already started shipping to customers. For more information on the product and the company's offerings in the lithium battery market, interested parties can visit the Expion360 website.
Expion360, headquartered in Redmond, Oregon, has established itself as a leader in premium lithium iron phosphate (LiFePO4) batteries, catering to recreational, marine, residential, and industrial applications. The company's entrance into the home energy storage market was announced on December 19, 2023, showcasing its effort to create stable micro-energy grids for residential and small business customers.
This announcement is based on a press release statement.
InvestingPro Insights
As Expion360 Inc. (NASDAQ: XPON) solidifies its position in the energy storage market with its UL 1973-compliant EX1 SmartTalk™ Bluetooth® batteries, the company's financial health and market performance provide additional context for investors. According to real-time data from InvestingPro, Expion360 has a market capitalization of 23.4 million USD, reflecting its size within the industry. However, the company's P/E Ratio stands at -5.55, indicating that it is not currently profitable.
InvestingPro Tips suggest that Expion360 is quickly burning through cash and analysts anticipate a sales decline in the current year. These insights are particularly relevant as the company invests in product safety and innovation, which could impact its financial stability. Despite the challenges, the company's liquid assets do exceed its short-term obligations, providing some financial cushion.
InvestingPro Data also shows a revenue growth of 36.67% in the last quarter, suggesting a potential turnaround or seasonal fluctuation in sales. With a gross profit margin of 25.79%, Expion360 is generating a reasonable amount of profit from its revenues, although this is offset by significant operating losses.
For investors interested in a deeper analysis, there are 9 additional InvestingPro Tips available for Expion360, which can be accessed by visiting https://www.investing.com/pro/XPON. To enhance your investing strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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