Expion360, Inc. (NASDAQ:XPON) shares took some time getting started Tuesday, as the 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 Expion360 product line includes its flagship e360 Lithium Battery, mounting kits, and battery accessories. The battery's lithium-ion power storage technology offers 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.
XPON shares lost two cents to $3.34 soon after Tuesday’s open.
