Electrovaya’s German Subsidiary Litarion Receives US $16 Million (Cdn $23 Million) Contract for 40Ah Lithium Ion Cells
January 12, 2016 (Source) — This 40Ah (Litacell-LC40) Breaks Through the Safety, Performance and Price Barriers of Lithium Ion
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 US based company.
The purchase order is for a period of 14 months, the deliveries have started and the first payment received. The period of this contract is until January 2017. The order was received through Targray, an Advanced Materials supplier in the Alternate Power and Energy space.
“We are seeing large requirements for Electrovaya-Litarion’s Lithium ion cells and expect this to be the start of an increasing demand in the fast growing energy storage business,” said Karen Richardson, Manager, Battery Division, Targray Technology International Inc.
“Our Litacell-LC40 gives unique values to the customer and great performance advantages over our competitors. Our cells show immense improvements in safety and delivers nearly double the cycle life. Customers are demanding highest safety. They are also demanding lowest cost which we meet as increasing cycle life allows our customers to enjoy lowest cost per cycle,” said Dr. Andre Mecklenburg, Chief Operating Officer of Litarion.
“Our revenue pipeline is growing quickly with demand from all sectors of the industry including energy storage and e-mobility,” said Dr. Raj Das Gupta, VP Business Development, Electrovaya. “The technical performance of our cells and batteries are superior to competition because of our unique disruptive technology in this lithium ion space. This is the first major order for our Litacell-LC40, whose availability was recently announced in October 2015.”
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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 IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.
This press release contains forward-looking statements, including statements that relate to, among other things, 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; 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 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.
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