BSL New Energy Technology Co., Ltd. Receives $21 Million in Series A Funding to Expand Production and Worker Safety

Huizhou, China, July 1, 2024 - BSL Battery USA, the world's leading lithium-ion golf cart battery, has completed $21 million in financing to expand its cloud-based battery energy management platform and increase distribution and sales.

Mr. Lin Peng, technical director, In addition to developing new product technology innovations and preparing for North American golf cart UL2771 certification, we will use this funding to rapidly reduce worker safety risks for cost-sensitive golf cart and low-speed vehicle operators. As recruiting and retaining workers becomes increasingly difficult, facility managers and operations managers are increasingly concerned about worker safety.

BSLBATT® engineers To protect workers from golf cart lead-acid batteries, we developed advanced low-speed power car batteries (LiFePO4) and IP67 chargers. In addition to having a longer life cycle of up to 7,000 times, they require no additional maintenance, they travel farther, accelerate faster, and are more stable without attenuation due to higher energy transmission efficiency.

Eric Yi, CEO of BSLBATT, As a result of the involvement of existing investors and new financing partners, we were able to secure this financing. We will be able to drive growth with existing customers by enhancing product performance and obtaining more UL certifications, which will be a game-changer for golf carts and low-speed vehicles.

Future Plans

Haley Ning, Chief Marketing Officer of BSLBATT, Companies from the lead-acid battery industry dominate the existing lithium-ion battery market, either by acquiring smaller companies or by developing their own platforms. In addition, organizations like BSL Battery-Factory have been involved in the lithium battery industry since the beginning.

"Big companies may have financial advantages, but they fail to innovate quickly enough," he said. In order for small businesses to succeed, they need to innovate and stand out from the crowd. It is exactly this outcome we seek to achieve through the further development of our AI-based cloud platform for battery energy management. ”

The R&D projects currently underway have not been disclosed, but the funds will also be used to recruit new employees. The company currently has 288 employees.
In the next 12-18 months, we plan to more than double the number of engineering, automation, software, production and sales positions.

Haley Ning mentioned that competitors are developing similar batteries for UTVs that use lithium batteries for long working hours, so the company can expand into other areas with lithium-ion batteries. Currently, the demand for low-speed vehicles (LSVs) is the largest in North America and Europe.
According to him, 51% of golf courses are in North America and 23% in Europe. This is a very large market for us because we are just starting in both markets.
In addition, Haley Ning said that the company's software platform will incorporate lithium traceability requirements, which Europe has already implemented.

To learn more about BSL Battery-USA,

Visit https://bslbattery.us  and follow us on YOUTUBE、Tiktok and LinkedIn.