Expion360 apartment on extended line of credit
Shares of Expion360, Inc. (NASDAQ:XPON) were slow to rally on Tuesday as the industry leader in lithium batteries and accessories for recreational vehicles (RVs), outdoor and marine applications , secured a $300,000 line of credit from GM Financial to expand its fleet of mobile product demonstration vehicles and sales force.
Expion360 will initially use a portion of the line of credit to purchase several new GM trucks, which will be used to expand its regional sales territories across Utah, Arizona, Texas, Indiana and South- is.
The new Expion360 branded trucks will be specially equipped 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 line of credit from GM supports and confirms our plans to aggressively expand our sales and distribution presence into new territories nationwide,” said Expion360 CEO John Yozamp.
The Expion360 product line includes its flagship e360 lithium battery, mounting kits and battery accessories. The battery’s lithium-ion energy storage technology provides superior capacities over older lead-acid batteries, including longer life and more power, along with a smaller footprint and half the weight. These advantages allow greater flexibility for the use of battery power in many mobile applications.
Expion360’s lithium batteries address a large and growing lithium-ion battery market that is expected to grow 11% CAGR from 2019 to over $73 billion by 2025, according to Global Market Insights.
XPON shares fell two cents to $3.34 shortly after Tuesday’s open.