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Expion360 shares are trading higher after the company announced it has been selected as the exclusive supplier of high-energy lithium ion batteries for an overland trailer to be branded and sold by a top U.S. sports utility vehicle manufacturer.
Expion360 Shares Double After Li-Ion Battery Supply Deal Published: Dec. 23, 2022 at 6:32 a.m. ET 0 Email icon Facebook icon Twitter icon Linkedin icon Flipboard icon Print icon Resize icon By Chris Wack
Expion360 Inc. shares more than doubled to $2.42 in premarket trading after the company said it has been selected as the exclusive supplier of high-energy lithium ion batteries for an overland trailer to be branded and sold by a top U.S. sports utility vehicle manufacturer.
The battery-power storage company said its Li-ion batteries have been integrated as a key element of the trailer's onboard solar-powered storage system.
Power systems equipped with Expion360 lithium batteries will be included as standard equipment on the top models.
Expion360 plans to begin shipping lithium batteries to the trailer manufacturer in the first quarter of 2023. The overland trailer is expected to be available for purchase through more than 5,000 SUV dealers across North America starting early next year.
Expion360 said its batteries use lithium iron phosphate, which means they can have a lifespan of 12 years, or three to four times the life of most lead-acid batteries.