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I would like to update you on our exciting variant modular approach to the new products generation. As we have communicated previously, EnerSys will be launching our initial modular lithium variant at the end of 2018 in the motive power market. This product is not just one item but is the start of multiple pieces of a broad product family or platform of products. The technology will be the same, but the applications will be very different. We are unware of anyone in our industrial markets that will have the quality and depth of advanced chemistry products as well as service that EnerSys will offer.
In addition, it is absolutely critical in the generation of Lithium-ion products to develop a supply chain that delivers the safer cells. The EnerSys Lithium technology will use automotive qualified cells, which mean we are using one of the more advanced and safer cells. We were able to create this sourcing due to the potential scale of EnerSys and the credibility of our technology group. EnerSys is showing our customers the company's commitment to safety leadership by being the first in the industrial battery market to adapt the ISO 26262 standards. This is the leading standard in the world for the safe use of lithium batteries and large battery packs. During our conversations with investors, some were concerned that EnerSys is behind the curve on lithium technology. This perception about lithium is not accurate and here is why.
One, we will be uniquely positioned in the market to provide a singular maintenance free stores customer experience that is agnostic to chemistry, allowing us to always provide the lowest total cost of ownership for their particular application.
Two, we’ve established a world class global technology center for our product development which will eventually house over 200 engineers and a collaborative setting designed for simultaneous process engineering. We are in the advanced stages of developing wireless charging, wireless data gathering, iOS and android apps, and prognostic algorithms able to provide user advanced notice of any issues. This will give our customers the highest level of reliability and uptime.
Three, most of the lithium battery development have taken place in consumer applications like the EV market. Lithium use in the industrial market is just beginning and in the early stages. Our customers frequently tell us, there is no other company in the market that will have the advanced variant battery management system approach of EnerSys.
Four, as mentioned earlier, we will limit lithium sourcing to credible suppliers of industry standard cell sizes with pack designs that can evolve as better chemistries come along. On the M&A front, we are very active in pursuing companies that complement our growth, product differentiation and technology development strategies. We are at various stages in negotiation with several companies and are hopeful to close a couple of deals this fiscal year.
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