Electrovaya releases new lithium ion cell
Electrovaya Inc. (TSX: EFL | OTCQX: EFLVF) introduced the next generation Litacell™ lithium ion battery, LC-44 with ten percent higher storage capacity than the company’s previous model, the LC-40. The new model LC-44 is currently available to OEMs and battery pack integrators worldwide and the company expects to make its first deliveries in Q4 FY2016.
In the global race to gain lithium ion battery market shares, this marks a significant threshold for the company, which already enjoys a mature client base: 20,000 Daimler electric cars, ConEdison, major utilities in Europe, Glencore, and Walmart to name a few.
The Litacell™ LC-44 shows improvements over its LC-40 predecessor: enhanced cycle and calendar life (up to 9000 cycles at 1C charge and 1C discharge at 100% Depth of Discharge), which is owed to optimized NMC/graphite based electrode chemistry.
According to Electrovaya’s corporate presentation, its batteries perform at roughly double the industry standard; ~9000 cycles, 1C charge/discharge, 100% Depth of discharge, graphite and NMC electrodes, which are critical parameters for energy storage.
The release of the LC-44 is the result of the company’s continuous product improvements, which I think is a good sign to investors as competition is fierce in the industry.
The increased energy density of the LC-44 reduces material and other production costs while giving higher energy capacity in the same volume and same geometrical package as the predecessor model, the LC-40.
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Litacell™ 44Ah cells are now available to customers in Europe, North America and elsewhere, where the market demands highest safety and lowest holistic cell costs.
Electrovaya designs, develops and manufactures its proprietary Lithium Ion SuperPolymer® 2.0 batteries, battery systems, and battery-related products for the clean transportation, smart grid power, consumer and healthcare markets. The company’s intellectual property is based on a few hundred patent filings in numerous international jurisdictions.
Electrovaya manufactures from two facilities in Mississauga, Canada and from Kamenz in Germany. On the one hand, from its 160,000 square feet facility in Mississauga, Canada the Company performs system integration and testing. On the other hand, its manufacturing facility in Kamenz, Germany (10 M square meters) has a capacity of 0.5 gigawatt-hours (GWh) and has been operating since 2012. For size comparison the annual nameplate production capacity of Tesla’s Gigafactory in Nevada is 35 GWh. “Giga” is a unit of measurement that represents “billions”. One GWh is the equivalent of generating (or consuming) one billion watts for one hour—one million times that of one kWh.
For comparison, the energy storage market is set to “explode” to an annual installation size of 6 GW in 2017 and over 40 GW by 2022 — from an initial base of only 0.34 GW installed in 2012 and 2013. The advanced battery market is expanding dramatically in the United States and around the world — from $5 billion in 2010 to nearly $50 billion in 2020.
In August 2016 the company reported Q3 FY2016 revenue as $2.6 million (Cdn $3.4m) and for the nine months ended June 30, 2016 revenue was $15.1 million (Cdn $19.8m); Q3 FY 2015 revenue was $6.0 million (Cdn $7.9m) and for the nine months ended June 30, 2015 revenue was $6.8 million (Cdn $8.9m).
In December 2015, the company reported for Q4 $9.8 million (Cdn $13.1m), a growth of 495% over Q4 2014 and a growth of 64% over preceding Q3, 2015; FY 2015 revenue $16.6 million (Cdn$ 22.2m) a growth of 124% from $ 7.4 million (Cdn $ 9.9m).
Dr. Luc C. Duchesne is a Speaker and Author with a PhD in Biochemistry. With three decades of scientific and business experience, he has published ... <Read more about Dr. Luc Duchesne>