Fiscal Year Revenue Increases By 161% Compared to Prior Year Energy Storage emerging as the growth engine
TORONTO, Dec 29, 2014 --
Electrovaya Inc. (EFL) today reported its FY 2014 results with revenues growing to $7.4 million a growth of 161% over FY 2013 revenue. All amounts are in US dollars unless otherwise stated.
Revenue for the year ending September 30, 2014 increased to $7.4 million, a 161% increase compared to the prior year ending September 30, 2013
Gross margin was 38%
Cash and Cash Equivalents of $1 M as of September 30th, 2014
Company is experiencing increased demand from many sectors such as utilities, industrials, distributed power and automotive.
Electrovaya is planning for an acquisition in Europe. This is the largest European producer of lithium ion battery electrodes and separators, with capacity of about 500 Mega Watt hours.
500 Mega watt hour capacity if converted into battery systems for industrial, utility and other applications can generate revenues in the $250-$400 million region
Progress is being made on deliveries to different industrial sectors including Utilities, Distributed Power and Mining
The Company's complete Fiscal 2014 Fourth Quarter and Annual Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com