EFL CONFIRMS FINANCING OF CDN $6.3 MIL AND REPORTS FIRST QUARTER FY 2014 RESULTS
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Feb 12, 2014 06:00PM
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http://www.electrovaya.com/pdf/PR/2014/PR20140212.pdf
TORONTO, Ontario Feb. 12, 2014 -- Electrovaya Inc. (EFL.TO) today confirmed that it had completed a debt financing for Cdn $6.3 million and is releasing the financial results for the first quarter of Fiscal 2014 ending December 31, 2013. All amounts are in US dollars.
Financial Highlights:
Quarter ending December 31, 2013
Financial Outlook:
Electrovaya gives guidance of revenues exceeding $15 million for calendar year (not FY) 2014.
Business Highlights:
Since the launch of the 2.0 technology in 2013, there has been an excellent response from customers in multiple sectors:
Green Maritime Transportation: This emerging market replaces diesel generators to power marine transportation. Electrovaya is responsible for the complete system, including all cells, batteries, mechanical and electrical sub-systems as well as power conditioning equipment.
Large Scale Energy Storage for the Grid: The 2.0 technology is being incorporated in the MWh size energy storage systems being developed.
Smart City and Distributed Energy Storage for Utilities: This market is expected to be one of the fastest emerging energy storage sectors and Electrovaya's technology is being incorporated into a major UK project.
Automotive: Electrovaya continues to work with major global auto manufacturers and is shipping value added products to this sector.
Small Systems for Portable Power: Electrovaya has launched a series of small systems ranging from 900Wh to 3600Wh for portable applications.
Electrovaya is receiving attention from the Canadian Government as one of the leading technology companies in Canada and was invited to participate in the Prime Minister's trade mission and has been active in attending trade shows and giving invited talks at various energy storage conferences.
The Company's complete Fiscal 2014 First Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com