Electrovaya’s Subsidiary Litarion Signs MOU With a Major OEM in the E-Mobility Industry, for the Delivery of Lithium Ion Battery Modules
July 6, 2016 (Source) — This MOU Envisages Demand Around EUR37 Million (US$41 Million or CDN$53 Million) in 2017 and Growing Rapidly Thereafter
Electrovaya Inc. (TSX: EFL) today announced that its wholly owned subsidiary Litarion GmbH signed a Memorandum of Understanding (MOU) with a major OEM in the e-mobility industry for the delivery of Battery modules starting in 2017. Electrovaya will provide its battery modules, which delivers unparalleled safety and cycle life performance to this major OEM. Their demand is estimated to be about EUR37 million in the first year and growing quickly thereafter.
Electrovaya’s technology and products are uniquely suited to this electric mobility market as two of the critical performance parameters are highest cycle life and highest safety, both uniquely available from Electrovaya. Electrovaya’s proprietary flexible ceramic separator, SEPARION™ provides highest safety in Lithium Ion batteries.
“We are pleased with this multi-year MOU, as this was achieved against strong competition, for this globally prominent major OEM in the electric mobility sector,” said Fritz Mueller, Head of European Sales. “Our multi-cell modules with laser welded tabs and built in sensors, are an attractive product for OEMs, who can use them as building blocks for many diverse battery applications in e-mobility. Our flexible ceramic separator, SEPARION™, imparts outstanding safety to Lithium Ion batteries. This MOU further strengthens our reach into multiple industrial sectors and we are pleased in achieving this break-through into the electric mobility market with this major OEM,” said Mr. Mueller.
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.
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