IDS Industries, Inc. announced the signing of a Letter of Intent to acquire Charge! Energy Storage, Inc. The company plans to have Charge! operate as a wholly-owned subsidiary and deem the acquisition of Charge!, its manufacturer for Energy Storage devices, as a strategic move to consolidate common efforts and systematically drive the company's development of energy storage. Charge! will assume the responsibility to commercialize the patent-pending battery management and charge controller system (BMCCS) currently in beta testing and the expansion of its portable energy storage systems utilizing lithium iron phosphate chemistries and renewable energy recharge capabilities.
Charge! Energy Storage (www.ChargeEnergyStorage.com), formerly known as Installing Dealer Supply, Inc. is a California manufacturer and distributor based in Lake Elsinore, CA with a 24-year history in the construction materials business that transitioned two years ago to manufacture and distribute portable power generators and energy storage for residential, commercial and light industrial application. Charge! has distribution channels throughout California as well as nationwide. "It has become apparent to me that the consolidation of our efforts is our best course at this time and will enable Mr. Plantinga and his management team to take advantage of all the resources available. I will be retiring at year end upon the close of the deal," said Mr. Knoblich, Chairman of IDST and the largest shareholder of Charge! Energy Storage, Inc. As a term of the Letter of Intent Mr. Knoblich will sell his controlling stake of equity in Charge! to the company. Further details of this transaction will be available in the 8K report that will be filed soon.
IDS Industries CEO Scott Plantinga sees the Charge! brand as the first step in leveraging in-house proprietary knowledge, "With Charge! we will not only be able to offer cutting-edge smart Energy Storage systems for the portable and stationary markets, we will build on the architecture of lithium iron phosphate or 'Safe Lithium' and have staked our claim to Energy Storage devices based on the safest, most user friendly battery chemistry currently available in the market. A recent Lux Research report estimates the solar and Energy Storage market will grow to $2.8 billion over the next five years and we feel Charge! will be at the forefront of that growth."
About IDS Industries, Inc.
IDS Industries, Inc. is a company in the fields of Advanced Energy Storage and Portable Power Generation Solutions.
The Company's GIIRS-rated Energy Storage products deliver clean stationary and portable electrical energy, targeting a diverse range of personal, residential, commercial, and off-grid markets. The Company's proprietary integrated battery management and charge controller system optimizes advanced lithium chemistry functions improving battery performance and extending battery life.