History

 

We are a Nevada corporation that was incorporated on November 21, 2001, as BMR Solutions, Inc. On September 15, 2008, we entered into a Merger Agreement with Balqon Corporation, a California corporation, or Balqon California, and our wholly-owned subsidiary Balqon Acquisition Corp., or Acquisition Subsidiary, or Merger Transaction. Upon the closing of the Merger Transaction on October 24, 2008, Balqon California merged with and into Acquisition Subsidiary with Acquisition Subsidiary surviving and immediately thereafter, Acquisition Subsidiary merged with and into our company and at that time we also changed our name from BMR Solutions, Inc. to Balqon Corporation. Our current business is comprised solely of the business of Balqon California. Balqon California was incorporated on April 21, 2005 and commenced operations in 2006.

In 2007, we received a grant from the California Air Quality Management District (“AQMD”) and the City of Los Angeles to demonstrate the world’s first heavy-duty, Class 8 electric tractor for drayage applications. In 2007, we demonstrated the viability of all electric Class 8 tractors as a zero emissions solution for marine terminal applications.

In 2008, we received purchase orders from the City of Los Angeles and the AQMD for electric yard tractors and short-haul drayage tractors, under both purchase agreements we are obligated to pay a royalty fee of $1,000 per heavy-duty electric vehicle sold. During that year, we leased our manufacturing facility in Harbor City, California to commence production for electric yard tractors and short haul drayage tractors. In addition, we acquired substantially all assets and intellectual property of Electric Motorsports, LLC, or EMS, which had been engaged in developing, designing and manufacturing flux vector motor controllers for use in automotive products and material handling equipment since 1997.

In 2009, we delivered the first all electric yard tractors, Nautilus XE20, to the AQMD and the City of Los Angeles. In addition we delivered a Nautilus XE30, an on-road electric drayage truck for test and demonstration. We also incorporated lithium batteries into our products and demonstrated a range of over 150 miles on single charge on our NautilusXE30.

In 2010, we entered into a Joint Development Agreement with the second largest truck and bus manufacturer in India to develop six prototype vehicles (trucks and buses) for the Indian market. We also signed a three year Distribution Agreement (“Distribution Agreement”) with Seven One Limited (“SOL”) under which we have been appointed as the exclusive distributor of lithium batteries manufactured by SOL. In addition, we raised $7,350,000 in gross proceeds through the sale of our convertible notes, convertible debentures, common stock and warrants in several private placement transactions with accredited investors. We also signed a lease Agreement for 10 of our Nautilus XRE20 yard tractors; with T&K logistics, a provider of logistics services for Ford Motor Company.

In 2011, we developed a proprietary 160 kilowatt (“kW”) high frequency charger and battery management system to reduce charge time to two hours on all our products. In addition we developed a 1 mega watt hour energy storage system for load shaving, off-grid application. We also developed and shipped an electric drive system for a yard tractor manufacturer in Belgium to address the European market for electric yard tractors. During 2011, we spent significant research and development efforts to develop various configurations of lithium energy storage systems for telecommunication and commercial customers. We also began shipment of our Nautilus XRE20 to T&K logistics for operation at a Ford plant in Michigan and to other industrial customers. In addition, we developed and shipped a Class 7 medium duty truck, the Mule M100 to a shuttle bus manufacturer in California.

In 2012, we developed high energy capacity lithium battery energy storage systems for the solar, wind and telecommunication industry. We also developed lead acid replacement packs for baggage tractors used at airports and industrial warehouses. We also received a purchase order for electric drive systems from a European manufacturer of yard tractors, located in the Netherlands. Our OEM partners in Europe (Belgium and the Netherlands) introduced two new products to the market, showcasing our electric drive system. During 2012, significant resources were allocated to the development of an on-road heavy-duty electric tractor, the Nautilus MX30. Currently the vehicle is undergoing on-road testing and complies with Department of Transportation (“DOT”) regulations for on-road Class 8 tractors. This development also resulted in the receipt of a grant from the AQMD for the development of three additional tractors for testing at the Port of Los Angeles for which we are still awaiting contract documents. In 2012, we signed a Joint Development Agreement with fifth largest bus manufacturer in China to develop an all-electric inner city bus.

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