"•While FBR generally provides research coverage of companies for whom it has provided investment banking services, as well as other companies that offer an opportunity to generate investment returns for our clients, ongoing coverage of any company is determined by, among other things, investor interest and FBR’s ongoing relationship with a company or a sector.
•Decisions to initiate, suspend, resume, or discontinue research coverage are made by research department management, who can obtain input from other personnel at the firm, including those involved in sales and trading and investment banking, in accordance with FINRA rules.
•The mix of companies FBR covers may change to correspond to market developments and the interests of our clients. FBR is continually assessing its research coverage to provide investors the most up to date investment ideas.
If FBR started coverage on EFL then one would assume they are considering making an investment ? Looks like expansion plans are well underway. FBR rates EFL as out perform."

So now we have an investment banker that only rates it's customers. EFL outperform. Looks like they have lined up some financing.

We have a small Canadian company down the road from Electrovaya that is saying a new factory is about to be born. Starwind5.wordpress.

We have an OLD MOU with HERO and an India trade mission trip soon.

If a factory announcement is made without a location specified, then my guess is TRIC, else India, not both.

This is my pure speculation.