Electrovaya Announces Cdn $4.3 Million Purchase Orders from Walmart Canada for Forklift Battery Systems in a Distribution War...
September 18 2017 - 4:14PM
Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:
EFL)(OTCQX:EFLVF) announces that it has secured initial purchase
orders under a contract with Walmart Canada for its forklift
battery systems. The retailer will convert the forklifts in one
distribution centre from lead acid batteries to Electrovaya’s
drop-in lithium ion battery systems. Electrovaya's lithium
ion forklift battery line, ELivate, features its ceramic separator
and industry-leading cycle-life. The purchase orders are worth
approximately Cdn $4.3 million and deliveries are to be made by Q1,
CY 2018.
“We are very pleased to work with Walmart Canada, a leader in
the introduction of green sustainable technology into the
distribution and logistics industry,” said Dr. Raj Das Gupta, Vice
President, Business Development at Electrovaya. “Our ceramic
lithium-ion battery technology is ideally suited to intensive-use
applications such as forklifts and other material handling
vehicles, supporting both higher efficiency and
sustainability."
The many benefits of Electrovaya's ELivate batteries were
demonstrated through extensive testing by the retailer in its
distribution warehouses and by the forklift OEM, before this
Purchase Order was issued.
Please see www.electrovaya.com for investor
presentation and detailed product profiles
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL)(OTCQX:EFLVF), designs, develops and
manufactures proprietary Lithium-ion Ceramic 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 IP. 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, the
ability to drive sales through OEM channels and direct sales to
customers, ability to receive further purchase orders, ability to
deliver on such purchase orders and to do so in a timely
manner, 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; that significant price reductions on the purchase price
of products may apply in the case of late delivery; 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 information form under
the heading “Risk Factors” and 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.
Ian Lyons, CFA VP Investor Relations
Electrovaya Inc.
ilyons@electrovaya.com
Peter Koven
Bay Street Communications
1.647.496.7857
peterkoven@baystreetcommunications.com
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