Electrovaya Launches Battery Product Line for Forklift Market
Toronto, Ontario –November 14, 2016
The Lithium-ion ceramic battery system, with its industry-leading performance and safety, is a drop-in lead-acid replacement for Class I and Class II forklifts.
Electrovaya Inc. (TSX: EFL) (OTCQX:EFLVF) announced today their new Lithium-ion ceramic product line for the Class I and II forklift markets. This market is heavily dominated by lead-acid battery solutions that cannot keep up with the demands of today’s warehouse and logistics environments. Increased demands on operational efficiency, 24-hour operations and more advanced vehicles make a case for better energy solutions. The product line, which is branded “ELivate” will leverage Electrovaya’s Lithium-ion ceramic battery technology that offers up to six times the life cycle of existing lead-acid solutions and up to twice the life cycle of Lithium-ion products. Additionally, the safety provided by SEPARIONTM ceramic separator technology provides users with confidence in implementing a new technology in their operations.
The ELivate product line is being introduced with 36V followed by 48V models for Class I and II forklifts. To take advantage of the added performance and safety of Electrovaya’s technology, the target application is heavy duty users such as 24-7 distributions centers. The product is market ready and Electrovaya has started initial trials at multiple customer sites.
Further information on the product line-up and benefits of Electrovaya’s product are available on our website (www.electrovaya.com).
See “Forward-Looking Statements” below.
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About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) 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 SEPARIONTM 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
This press release contains forward-looking statements, including statements that relate to, among other things, demand for Electrovaya’s product, the benefits of Electrovaya’s products , technology development progress, the market readiness of the products of Electrovaya, plans for shipment using Electrovaya’s technology, production plans, the company’s markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements.
Certain material factors or assumptions are applied by Electrovaya in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: the purchase orders actually placed for the products of Electrovaya,, general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.