Electrovaya unit receives $16M (U.S.) Li cell order

2016-01-12 07:16 ET - News Release

Dr. Raj Das Gupta reports

ELECTROVAYA'S GERMAN SUBSIDIARY LITARION RECEIVES US $16 MILLION (CDN $23 MILLION) CONTRACT FOR 40AH LITHIUM ION CELLS

Electrovaya Inc.'s wholly owned subsidiary, Litarion GmbH, has received a purchase order for about $16-million (U.S.) ($23-million) to supply 40-ampere-hour lithium ion cells (Litacell-LC40) to a United States-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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