UltraCharge boss says he's happy, even though the market is not.

Kobi Ben-Shabat, CEO of UltraCharge (ASX:UTR) says he is surprised the share market has not reacted more positively to the company's progress this year.

UltraCharge is an Israel-based company that describes itself as "a global leader in identifying, acquiring and developing battery technologies that offer superior qualities and new solutions for the lithium ion and flow battery market."

Speaking to InsideMarket's Phil Carey, he also said:

• Joint venture discussions with a Chinese manufacturer are progressing well.

• Manufacturing in Indonesia will put UltraCharge in a good position to tender for other Government work.

• The parent company of its recent Indonesian deal, offers enormous potential to replace lead batteries with Lithium-ion, because the parent company supplies batteries to 70% of vehicle market in Indonesia.

UltraCharge signed a three year, $20 to $25 million deal to supply 30 thousand Lithium ion batteries to Israeli-based electric bike company Blitz earlier this year.

Blitz is active in 12 countries at present, predominately in Israel and Europe.

In Indonesia, UltraCharge signed a Joint Venture Agreement with PTGarda Persada to manufacture, market, distribute and sell high voltage Lithium-ion battery pouch cells, primarily to the Indonesian Armed Forces.

But he said the fact the UltraCharge will be the only local manufacturer of Lithium-ion batteries and as such, this enhances future government tender possibilities. He also said the parent company in the JVA currently supplied 70% of the vehicle market in Indonesia with lead acid batteries, and the switch over to lithium-ion was an exciting possibility.

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