Hong Kong Highpower Technology, Inc.
Hong Kong Highpower Technology develops, manufactures and markets rechargeable nickel metal hydride and lithium-ion batteries and related products for use in a variety of electronic devices.
See more information about Hong Kong Highpower Technology, Inc.
Hong Kong Highpower Technology inks contract with Siemens subsidiary Gigaset Communications
Highpower Technology, Inc. (AMEX:HPJ) updated investors on their third quarter sales performance yesterday. The China based technology firm manufactures nickel-metal hydride (Ni-MH) and lithium-ion (Li-ion) rechargeable batteries. Today's comparatively good sales update and the report of a newly established contract with electrical giant Siemens is expected to be well received by investors.
Through the summer months of July and August HK Highpower Technology recorded a substantial increase in sales compared with last year, with an increase of 8 percent over the same period in 2008. Hong Kong Highpower Technology generated over $13m through the first two months of the quarter.
Highpower Technology's products have a wide variety of applications and generally rechargeable batteries are a key component in modern consumer electronics. The majority of Hong Kong Highpower Technology's products are distributed worldwide to markets in the United States, Europe and China.
Accompanying today's sales update Hong Kong Highpower Technology also announced that it has established a new relationship with a major electrical manufacturer Siemens. Specifically Highpower Technology has a signed contract with Siemens' subsidiary Gigaset Communications. Under the Gigaset brand Siemens provides a wide range of wireless telephone handsets for the European retail market.
The deal will see Highpower Technology provide rechargeable batteries to Gigaset Communications through till June 2010.
According to Hong Kong Highpower Technology CEO, George Pan the ODM (Original Design Manufacturing) relationship with Siemens will be significant for Highpower Technology as they continue to develop, in today's statement Mr Pan commented;
"With this contract, we will become one of the largest battery suppliers to Gigaset Communications. Gigaset is the clear European market leader in cordless telephones and we hope to grow our relationship over time."
