In these tough economic times, it's difficult to imagine any company generating more turnover in two months than in the previous two years. But that is exactly what the Danish battery technology Lithium Balance has achieved in January and February 2009, reports business newspaper Erhvervsbladet.
Lithium Balance has developed a battery pack for electric vehicles, featuring a unique battery management system which ensures optimum performance. In its first two years, the company posted annual revenues of around DKK 500,000 (USD 88,355). But this year, the company has already passed the DKK 1m (USD 177,000) mark and expects to top DKK 2m (USD 353,000) before the year is out.
Lars Barkler, managing director of Lithium Balance, told Erhvervsbladet: "We are not seeing any financial crisis. Quite the opposite, demand is booming. We are taking on staff and have accelerated the development of our battery management system for electric vehicles."
That acceleration has been further helped along by Denmark's leading integrated energy company, DONG Energy, which has acquired a stake in Lithium Balance. It is worth noting that DONG Energy is collaborating with Shai Agassi's Renault/Nissan-backed electric car scheme Better Place, and are active participants in a major electric car project due to start up on the Danish island of Bornholm in 2011.
Lithium Balance's battery management technology is designed to ensure that every cell in a lithium battery pack works optimally. Because if even one cell is different to the others, the battery pack's capacity and lifetime are markedly reduced.
"When the owner of an electric car complains to the manufacturer that the battery doesn't work, they are misunderstanding the problem. It is the management of the battery's cells that hasn't been optimised," says Lars Barkler. "If you buy an electric car battery for DKK 70,000 (approx. USD 12,500) it means a lot whether you can drive 300 km on a single charge, or only 200 km. And it matters a lot whether the battery's lifetime is 5 years or 10 years. That's why we think we have the right technology at the right time."