IRW-Press: QSolar Completes The Development And Testing Of Its Proprietary QDRIVE Solar Golf Cart Accessory Kit And Introduces The First Of Q2GO Proprietary Solar Products



Published on 30 July 2014


by Press Office

(IRW-PRESS and WireNews+Co)

Vienna, Austria

QSolar Limited (“QSolar” or the “Corporation”) (CSE:QSL, FSE:Q2O) is pleased to announce the successful development, testing and introduction of its first specialized solar product solution for the golf cart industry, the QDRIVE solar golf cart accessory kit (“QDRIVE”). QSolar has taken its proprietary technology and designed an easily installable kit that compliments electric outlet charging of golf cart batteries and developed a working solar after-market product solution that allows the golf cart, under typical use, to run fully autonomously on solar power without the use of an electric mains charger. QDRIVE will potentially save the end-user significant amounts otherwise spent on an electric battery charger and electrical charging costs estimated at USD $350 annually per golf cart. In addition, the overall battery life cycle will be extended resulting in savings of additional amounts of money over a number of years. By reducing the amount of deep discharge cycles to a battery, an owner can expect less frequent costly battery swaps or change-outs on their vehicles that typically cost well over USD $1,000 per battery change-out. The amount of savings alone in the frequency of the battery change-outs fully supports the value proposition of the QDRIVE in addition to the electrical cost savings and potential U.S. tax credits. As no down time is required for electric mains charging, QDRIVE increases the immediate use of the golf carts availability to nearly 100%. The QDRIVE kit has been developed from QSolar’s photovoltaic (“PV”) proprietary polymer non-glass technology. It is extremely efficient, lightweight, durable, easy to install and will allow electric golf carts and utility vehicles to drive on solar power alone without having to plug in.

QDrive has now been tested for over six months in Arizona, U.S. as well as in Asia, in extreme summer heat conditions with temperatures up to 45° Celsius. QSolar’s test vehicles have achieved well over 10 additional miles per day (16 kilometers) and over 70 miles per week (112 kilometers), in Arizona, on a continuous solar charge, even on cloudy days. To date, over the span of 7 days in Arizona, QSolar’s test vehicle has also been able to drive 86 miles (138 kilometers) off a single charge. QSolar expects to introduce and have initial product available in the US for September 2014, and commence selling through an Arizona based non-exclusive distributor. It is anticipated that a distributorship will be set up in the U.S. and managed by a U.S. based sales manager. It is intended that distributor, wholesale and retail prices of the QDRIVE kit will be priced at up to 30% less than that of other solar accessory kits being offered with partial solutions on performance. The QDRIVE kit is anticipated to be retail priced at USD $950.

QSolar has been developing and testing various products for an active lifestyle and outdoor solar product line and through its new division, referred to as “Q2GO”, to complement its newly emerging off-grid autonomous specialty solar panel market business for solar panels between 8 watts and 500 watts. The higher margin Q2GO and specialty 8 watt to 500 watt solar products are distinguished from QSolar’s original mass market product, QSS250W, which is currently in the TUV SUD certification process in the U.S. The QDRIVE kit is QSolar’s first fully developed and tested Q2GO product that is being introduced into the U.S. golf cart market with significant acceptance having been received by management from golf courses and golf cart distributors where tested. QSolar has other Q2GO products and accessories to provide solar powered solutions, in the planning and development stages and are undergoing various levels of field testing for recreational vehicle (“RV”), marine, portable power boxes for educational, retail applications, and portable power plants for commercial applications. All the Q2GO products have been developed utilizing the Corporation’s trade secret polymer, Spraytek, and embedded ESS process for manufacturing with minimal additional research and development resource commitments.

By increasing the drivable range of a golf cart, QDRIVE could also help in reducing the number of carts that a golf course would have to use in order to maintain its fleet. With turnaround times being reduced in the electrical charging barns, a golf course could potentially significantly reduce the amount of carts required to adequately service their clientele. QSolar believes that these types of savings combined with tax incentives could provide their owners with an extremely attractive short payout period.

Summary of Benefits of the QDRIVE by QSolar

- No carbon footprint on solar, CO2 emission free charging and driving - “Go Green”

- Charge when exposed to daylight, also charging when in use (even on cloudy days)

- Ideal use is on golf courses, golf cart communities, hotels, resorts, parks, municipalities, universities

- Reduces consumption of grid system electricity

- Battery life may be significantly extended due to less discharging

- Improves electric golf cart and utility vehicle efficiency dramatically

- Will fit most golf carts and utility vehicles

- Extremely light weight and durable

- Low maintenance

- Easy installation

- Extremely attractive economic value proposition

- Potential U.S tax incentives

“The development of the QSolar Q2GO line and introduction of QDRIVE is an important milestone that demonstrates QSolar’s ability to be in multiple markets and meet the demands of their consumers. Because of their unique characteristics, QSolar’s PV products can be mass produced and used in environments that are not able to utilize traditional glass photovoltaic products. We believe that this market will continue to grow exponentially and new products can be developed quickly. QSolar is also in the late stages of beta testing other potential products for the Q2GO line and expects them to be ready in the near future,” stated Andreas Tapakoudes, Chief Executive Officer. “Because the QDRIVE kit does not contain glass we are confident that this product is a safe and effective way for golf courses and golf cart owners alike to cost effectively “Go Green,” added Mr. Tapakoudes.

The QDRIVE kit will enable CO2 emission free charging and will reduce typical electrical costs associated with the operation of a golf cart as well as simplifying the operation and maintenance of a golf cart. The QDRIVE kit is universal and can be retrofitted to any 48v electric cart. The kit is easy to mount and in most cases can be installed in under 30 minutes. Not only will the maximum range be significantly increased by using QDRIVE but it should also extend the battery lifecycle in golf carts and utility vehicles that integrate this product. By reducing the amount of deep discharge cycles to a battery, an owner can expect less frequent costly battery swaps or change-outs on their vehicles that typically cost well over USD $1,000 per battery change-out. The amount of savings alone in the frequency of the battery change-outs fully support the value proposition of the QDRIVE before the electrical cost savings and potential tax credits in the U.S. as described above.

With an estimated increase in golf carts being sold in the US each year, coupled with the increasing use of golf carts on the road in golf cart communities and resorts, aside from the golf course private and fleet market, the opportunity for the QDRIVE kit is significant due to its competitive advantage over existing systems. IBISWORLD, a leading publisher of business intelligence, specializing in industry research and procurement research in the U.S., U.K., and Australia, forecasts that “the number of golf carts sold in the United States will increase at an average annual rate of 3.2% to about 76,685” by 2016. IBISWORLD projects industry revenue will “grow at an annualized rate of 5.9% to $783.1 million” by 2016. IBISWORLD states that, “industry growth will increasingly depend on demand from foreign economies, particularly from rapidly developing countries.” “The industry will continue to seek growth through the development of new products that attract customers with higher-quality inputs, increased performance (e.g. battery life) and improved technologies that create more energy-efficient and environmentally friendly carts.” Golf cart and utility vehicle manufacturers of golf carts will be required to respond to end-user demands as a result of rising fuel and energy prices, noise pollution, emissions regulations and general customer demand for more energy-efficient and environmentally friendly vehicles.

About QSolar Limited

QSolar trades under the symbol QSL on the Canadian Securities Exchange (“CSE”) and Q2O on the Frankfurt Securities Exchange (“FSE”). There are currently 73,748,912 common shares issued and outstanding.

QSolar Limited (http://www.qsolar.net) and its wholly-owned subsidiary, QSolar Ltd., and its wholly-owned subsidiary, QSolar (Shanghai) Photovoltaic Technology Co. Ltd., develop proprietary trade secret solar related processes and technologies, and manufacture and sell proprietary solar products. The Corporation currently manufactures solar photovoltaic (PV) panels in Shanghai, China using its proprietary trade secret Spraytek and ESS process and its own QLite and QSS family designs. QSolar Spraytek panels offer several advantages over competing products as they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection, significant weight savings and durability features over existing competitors PV modules.

Additional information on the operations or financial results of QSolar Limited are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (http://www.cnsx.ca) and Sedar website (http://www.sedar.com) under the profile for QSolar.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gary Perkins, Investor Relations

Tekkfund Capital Corp.

Telephone: 416- 882-0020

Email: garyperkins@rogers.com

Karsten Busche

Public Eye Consulting (Berlin, Germany)

Telephone: +49 30 430 589 22

Email: kb@publiceye-consulting.com

Andreas Tapakoudes, Chief Executive Officer

QSolar Limited

Telephone: 011-44-7534-711-503

Email: andreas@QSolar-Limited.com

Preston J. Maddin, Chief Financial Officer

QSolar Limited

Telephone: 403-617-0000

Email: preston@qsolar-limited.com

Neither the CSE nor the FSE have approved nor disapproved the contents of this press release. Neither the CSE nor the FSE accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”, “will”, “project”, “should”, ‘believe”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.

Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether QSolar is able to meet price, performance, quality and delivery requirements. Although QSolar believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. QSolar undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.


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Posted 2014-07-30 09:49:00