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Investing.com -- Flux Power Holdings Inc (NASDAQ:FLUX) stock jumped 5.8% in premarket trading Thursday after the lithium-ion battery manufacturer announced new purchase orders totaling approximately $2.4 million.
The orders include $1.4 million from a leading global food and beverage distribution company and $1.0 million from a global industrial equipment manufacturing customer, according to the company’s announcement.
These new orders represent repeat business from existing customers, which Flux Power highlighted as evidence of customer satisfaction with their technology and service. The company specializes in advanced lithium-ion energy storage solutions and software-driven electrification for commercial and industrial equipment.
"This level of recurring business highlights that our customers not only rely on our technology but believe in our brand and the partnership we provide," said Kelly Frey, Chief Revenue Officer of Flux Power in the announcement.
Krishna Vanka, CEO of Flux Power, added that the recurring customer orders reinforce that "the industry’s transition toward electrification remains steady."
The company’s lithium-ion solutions include cloud-based intelligence platforms designed to help transform material handling and industrial operations by reducing emissions, increasing efficiency, and simplifying fleet energy management.
Flux Power did not provide specific information about how these new orders would impact the company’s financial results or when the orders would be fulfilled.
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