Expion360 Inc. has secured a $300,000 credit line from GM Financial to expand its fleet of mobile product demonstration vehicles as well as its sales force.
Expion360 will initially use a portion of the credit line to purchase several new GM trucks that will be used for the expansion of its regional sales territories in Utah, Arizona, Texas, Indiana and the Southeast.
The company will equip its new Expion360-branded trucks to demonstrate and provide samples of the company’s lithium iron phosphate batteries and accessories.
“This new credit line from GM supports and affirms our plans to aggressively expand our sales and distribution presence to new territories nationwide,” Expion360 CEO John Yozamp said. “The strengthening of our direct sales force complements our existing nationwide reseller network, which currently includes the largest RV and marine dealerships in the nation.”
The expansion will build upon Expion360’s existing fleet and allow for a deeper street-level sales and service approach to dealers, distributors and OEMs in other regions, Expion360 said. The company plans to increase its fleet to more than 100 product demonstration and sales vehicles in North America over the next two years.
Expion360’s in-house and regional sales managers have established more than 175 B2B customers nationwide, including RV and marine dealers, wholesalers and OEMs.
Expion360 has grown and increased its gross margin over the last several quarters, the company said.
The company’s product line includes its flagship e360 Lithium Battery, mounting kits, and battery accessories. The battery’s lithium-ion power storage technology offers a longer lifespan and more power, as well as a smaller footprint and half the weight of lead-acid batteries, the company said. Lithium batteries enable greater flexibility for battery power to be used across many mobile applications, Expion360 said.
According to Global Market Insights, a market research and consulting company, lithium batteries address a large and growing lithium-ion battery market that is projected to grow 11% compounded annual growth rate from 2019 to more than $73 billion in 2025.
Expion360 provides lithium batteries and accessories for recreational vehicles, outdoor, marine, residential, and industrial use. The company sources assembles, and white-labels components and finished products. Its 360 (12V/360Ah) has 3.5 times the capacity of the average RV battery, according to the company. Founded in 2016 by CEO, John Yozamp, Expion360 designs and engineers its batteries out of its headquarters in Redmond, Oregon.
