Highpower International, Inc., a developer, manufacturer and marketer of nickel-metal hydride (Ni-MH) and lithium-ion (Li-ion) batteries and related products, announced financial results for the first quarter ended March 31, 2011.
Net sales for the first quarter ended March 31, 2011 totaled $27.0 million, a year-over-year increase of 33.3% compared with $20.2 million for the first quarter ended March 31, 2010. The increase in sales for the first quarter was primarily due to overall strong demand for our batteries, including a 51% increase in revenue for lithium-ion batteries as well as a $4.0 million increased contribution from our new materials business.