Electrovaya to field $16 M contract for lithium Ion Cells
Electrovaya Inc. (TSX: EFL) today announced that its wholly owned subsidiary, Litarion GmbH, has received a purchase order for about US$16 million (Cdn $23 million) to supply 40 Ah Lithium Ion cells (Litacell-LC40) to an undisclosed US based buyer. The company already boasts a mature client base: 20,000 Daimler electric cars, ConEdison, major utilities in Europe, Glencore, and Walmart to name a few (click here).
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.
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Electrovaya manufactures from two facilities in Mississauga, Canada and from Kamenz in Germany. On the one hand, from its 160,000 sq 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 GWh and has been operating since 2012. For size comparison, Tesla’s Gigafactory in Nevada is planned to have an annual battery production capacity of 35 gigawatt-hours (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 Gigawatts (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.
Today’s news is expected to further secure an enviable position among lithium battery producers.
Notably, 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).
According to Electrovaya’s 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.
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>