REDMOND, OR / ACCESSWIRE / May 3, 2022 / Expion360, Inc. (NASDAQ:XPON), an industry leader for lithium batteries and accessories for recreational vehicles (RVs), outdoor, and marine applications, has secured a $300,000 credit line from GM Financial to expand its fleet of mobile product demonstration vehicles and sales force.
Expion360 will initially use a portion of the credit line to purchase several new GM trucks, which will be used for the expansion of its regional sales territories across Utah, Arizona, Texas, Indiana and the Southeast.
The new Expion360-branded trucks will be specially outfitted to demonstrate and provide samples of the company's advanced lithium iron phosphate (LiFePO4) batteries and accessories designed for mobile and stationary power applications.
"This new credit line from GM supports and affirms our plans to aggressively expand our sales and distribution presence to new territories nationwide," stated Expion360 CEO, John Yozamp. "The strengthening of our direct sales force complements our existing nationwide reseller network, which currently includes the largest RV and marine dealerships in the nation."
The expansion will build upon Expion360's existing fleet and allow for deeper street-level sales and service approach to dealers, distributors and OEMs in other regions. The company plans to increase its fleet to more than 100 product demonstration and sales vehicles in North America over the next two years.
Expion360's in-house and regional sales managers have already established more than 175 B2B customers nationwide, including RV and marine dealers, wholesalers and original equipment manufacturers. This has driven strong growth in sales and gross margin expansion over the last several quarters.
The Expion360 product line includes its flagship e360 Lithium Battery, mounting kits, and battery accessories. The battery's lithium-ion power storage technologyoffers superior capabilities over old-style lead-acid batteries, including longer lifespan and more power, as well as a smaller footprint and half the weight. These advantages enable greater flexibility for battery power to be used across many mobile applications.
Expion360's lithium batteries address a large and growing lithium-ion battery market that is projected to grow 11% CAGR from 2019 to more than $73 billion in 2025, according to Global Market Insights.
Expion360 is an industry leader of premium lithium batteries and accessories for recreational vehicles, outdoor, marine, residential, and industrial. The company sources, assembles and white-labels components and finished products. Its 360 (12V/360Ah) is 3.5x the capacity of average RV battery and is unique in form factor. Founded in 2016 by the company's CEO, John Yozamp, Expion360 designs and engineers its batteries out of its headquarters in Redmond, Oregon. For more information visit, expion360.com.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Prospectus filed with the SEC on April 4, 2022, previous filings, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
John Yozamp, CEO
Tel (514) 797-6714
Ronald Both or Justin Lumley
CMA Investor Relations
Tel (949) 432-7566
CMA Media Relations
Tel (949) 432-7572
SOURCE: Expion360 Inc.
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