Balqon Corporation (formerly BMR Solutions) develops, assembles and markets heavy-duty electric vehicles, flux vector inverters, and heavy-duty electric drive systems. The Company sells its heavy-duty electric vehicles. During the year ended December 31, 2008, 63% of its revenues were associated with the AQMD Development Agreement. During 2008, the remaining 37% of revenues were from the sale of parts to the Port of Los Angeles. On October 24, 2008, the Company completed an Agreement and Plan of Merger with Balqon Corporation and its wholly owned subsidiary Balqon Acquisition Corp. (Acquisition Subsidiary). Upon the closing of the Merger Agreement Balqon California merged with and into Acquisition Subsidiary with Acquisition Subsidiary surviving, and immediately thereafter, Acquisition Subsidiary merged with and into the Company1
1. Heavy duty electric trucks - capable of carrying 60,000 lbs of cargo containers, at 40 mph for 60 miles on 1 charge. To recharge takes a few hours. These big-rig container carrying trucks are nonpolluting compared to their diesel conterparts and also emits less noise pollution while in operation1.