Electrovaya signs a Letter of Intent with a major Residential Energy Storage Provider for delivery of Lithium Ion Battery Mod...
June 15 2016 - 10:50AM
Electrovaya Inc. (TSX:EFL) today announced that it signed a Letter
of Intent (LOI) with a Global Original Equipment Manufacturer (OEM)
for the delivery of battery modules for Residential Energy Storage
with volume quantity deliveries starting early Q1 CY2017.
Electrovaya will provide its battery modules with integrated cells
and battery management systems (iBMS). Electrovaya's battery
modules have unparalleled safety and cycle life performance which
is the critical performance required by the OEM. The demand for
Electrovaya's battery modules by this OEM, is estimated to be up to
Euro 199 million (Cdn $ 288 million or US $ 223 million) over a
period of 3 years. High volume deliveries are scheduled to start in
early Q1 CY2017 with smaller quantities with delivery in CY2016.
Electrovaya's technology and products are uniquely suited to the
Residential Energy Storage market as two of the critical
performance parameters are highest cycle life and safety, both
uniquely available from Electrovaya. This LOI was signed after
intensive testing of the Electrovaya cells and modules by the OEM,
who is one of the largest and fastest growing Residential Energy
Storage companies in the world. "We are very excited with this LOI,
as this was achieved against intense global competition", said Dr.
Rajshekar DasGupta, VP of Business Development at Electrovaya. "Our
multi-cell modules with laser welded tabs, built in sensors and
iBMS are an attractive product for Residential Energy Storage. Our
flexible ceramic separator SEPARION TM imparts outstanding safety
to lithium ion batteries. This LOI further defines our path to
becoming the leading supplier of lithium ion cells and batteries to
this fast growing industrial sector of Residential Energy Storage."
About Electrovaya Inc. Electrovaya Inc. (TSX:EFL)
designs, develops and manufactures proprietary Lithium Ion Super
Polymer® batteries, battery systems, and battery-related products
for energy storage, clean electric transportation and other
specialized applications. Electrovaya, through its fully owned
subsidiary, Litarion GmbH, also produces cells, electrodes and
SEPARION® ceramic separators and has manufacturing capacity of
about 500MWh/annum. Electrovaya is a technology focused company
with extensive patents and other Intellectual Property.
Headquartered in Ontario, Canada, Electrovaya has production
facilities in Canada and Germany with customers around the globe.
To learn more about how Electrovaya and Litarion is powering
mobility and energy storage, please explore www.electrovaya.com,
www.litarion.com and www.separion.com
Forward-Looking
Statements This press release contains forward-looking
statements, including statements that relate to, among other
things, revenue forecasts, technology development progress, plans
for shipment using the Company's technology, production plans, the
Company's markets, objectives, goals, strategies, intentions,
beliefs, expectations and estimates, and can generally be
identified by the use of words such as "may", "will", "could",
"should", "would", "likely", "possible", "expect", "intend",
"estimate", "anticipate", "believe", "plan", "objective" and
"continue" (or the negative thereof) and words and expressions of
similar import. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties, and undue reliance
should not be placed on such statements. Certain material factors
or assumptions are applied in making forward-looking statements,
and actual results may differ materially from those expressed or
implied in such statements. Important factors that could cause
actual results to differ materially from expectations include but
are not limited to: general business and economic conditions
(including but not limited to currency rates and creditworthiness
of customers); Company liquidity and capital resources, including
the availability of additional capital resources to fund its
activities; level of competition; changes in laws and regulations;
legal and regulatory proceedings; the ability to adapt products and
services to the changing market; the ability to attract and retain
key executives; and the ability to execute strategic plans.
Additional information about material factors that could cause
actual results to differ materially from expectations and about
material factors or assumptions applied in making forward-looking
statements may be found in the Company's most recent annual and
interim Management's Discussion and Analysis under "Risk and
Uncertainties" as well as in other public disclosure documents
filed with Canadian securities regulatory authorities. The Company
does not undertake any obligation to update publicly or to revise
any of the forward-looking statements contained in this document,
whether as a result of new information, future events or otherwise,
except as required by law.
CONTACT: For more information, please contact:
North America:
Electrovaya Inc.
Telephone: 1.905.855.4618
Email: ir@electrovaya.com or sales@electrovaya.com
Europe & Asia:
Litarion GmbH:
email: info@litarion.com
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