Electrovaya Announces Two Additional Orders for its Forklift Battery Systems from Fortune 500 Customers
October 10 2017 - 4:16PM
Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:
EFL)(OTCQX:EFLVF) today announced that it has secured initial
purchase orders from two Fortune 500 customers for its ELivate
forklift battery systems. The aggregate value of the orders is
approximately CDN $275,000. These are the third and fourth Fortune
500 companies, respectively, to place orders for Electrovaya's
drop-in lithium ion battery systems for forklifts, which feature
its ceramic separator and industry-leading cycle-life.
“We are pleased that our drop-in forklift product continues to
draw interest from very significant customers,” 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."
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
Electrovaya Inc.
ilyons@electrovaya.com
Peter Koven
Bay Street Communications
1.647.496.7857
peterkoven@baystreetcommunications.com
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