Electrovaya’s subsidiary Litarion signs MOU with a leading OEM, with operations in Europe and Asia, to deliver Lithium Ion cells for Electric Buses
June 14, 2016 (Source) — This MOU envisages production demand around Euro 11 million (US $12 million, Cdn $16 million) in 2017 and growing exponentially thereafter into the fast growing electric bus market in Europe and Asia, a new market segment for Electrovaya
Electrovaya Inc. (TSX:EFL) today announced that its fully owned subsidiary Litarion GmbH signed a Memorandum of Understanding (MOU) with a leading European battery OEM who designs and integrates battery systems for e-mobility applications especially Electric buses. Electrovaya will provide its cells with unparalleled safety and cycle life performance to the OEM. The OEM will assemble the cells into electric bus batteries. Deliveries start in Q4, CY 2016 and then grow quickly into 2017. The MoU also sets out the specific cell pricing and specific cells sizes and energy capacity to be delivered to the OEM.
Typical electric bus batteries could be as large as 300 kWh per bus and a recent market analyst estimates that the electric bus market will require about $32 Billion of lithium ion batteries in the next 10 years.
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.
“We are pleased with this MoU, as this was achieved through intensive testing and validation against intense global competition”, said Fritz Mueller, Head of European Sales. “We believe, we will become a major supplier of Lithium ion cells and batteries to this emerging electric bus industrial sector”, said Mr. Mueller. “Our OEM partner has production facilities in both China and Europe and capable of driving massive sales”.
About Electrovaya Inc.
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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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