Electrovaya Provides Update on Corporate Developments
Toronto, Ontario – November 20, 2017 – Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:EFL)(OTCQX:EFLVF), today provided an update on recent corporate developments at the Company.
A recent matter is that a fifth U.S. Fortune 500 Company has issued a purchase order to Electrovaya for its lithium ion ceramic forklift battery. The order, which was placed through a US equipment dealer, follows on earlier announced orders from Mondelez International Inc. and Wal-Mart Stores Inc. (through its Canadian subsidiary) along with two other US Fortune 500 Companies for Electrovaya’s lithium ion ceramic battery system. This battery is a green tech solution that is particularly well suited to the materials handling vehicle sector.
The Electrovaya battery can improve productivity, reduce maintenance, and has the potential to reduce peak demand as well as decrease electricity usage in heavy-duty 24/7 distribution and manufacturing environments. The Electrovaya batteries include the proprietary ceramic separator, SEPARION™, which provides enhanced safety and cycle life.
The Company continues to pursue opportunities with OEM manufacturers and is in various stages of business development with ongoing and potential customers in sectors that include electric delivery trucks, electric buses and energy storage.
In the forklift and Material Handling Vehicles (MHV) sector, two large corporations will be testing in their distribution warehouses, the company’s batteries during the Black Friday to pre-Christmas period, the most demanding time of year in retailing and e-commerce. Electrovaya now has about 20 battery packs which are carrying out demonstration programs in multiple corporations. The focus is large sophisticated companies who can distinguish differentiating aspects of the Electrovaya battery in its logistics, warehousing or manufacturing operations.
Electrovaya is also pursuing follow-up business with companies that have placed initial orders for forklift batteries. The Company has conducted testing in multiple warehouse and other locations including both cold and room temperature distribution spaces. While the sales cycle is long and there is no guarantee that the Company’s initiatives will result in significant orders, Electrovaya is pleased with the performance of its batteries in both testing and initial deployments.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL)(OTCQX:EFLVF), designs, develops and manufactures proprietary Lithium-ion Ceramic 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 SEPARION™ ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.
Background on Electrovaya
Electrovaya, founded in 1996, is an integrated designer and manufacturer of ceramic lithium ion batteries. Electrovaya’s batteries are believed to have industry leading safety and cycle-life with excellent energy densities. They are well suited and differentiated for intensive applications, where the battery is used extensively. Such applications include electric delivery trucks, electric buses, some energy storage and many industrial applications. The immediate focus is intensive applications where the battery is used for extended periods including 24/7 operation in industrial forklifts and many Material Handling Vehicle (MHV) applications. Electrovaya can deliver full battery systems with integrated software and hardware in its Battery Management (BMS) as well as components such as electrodes, separators, cells and modules.
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Electrovaya is working closely with multiple OEMs to ensure that its batteries interface well to the materials handling vehicles. This target industrial market can be approached through multiple channels such as direct sales, third party logistics companies (3PL) as well through MHV manufacturers and dealers.
In the MHV market, operator efficiency gains may be realized through potential cost savings related to the reduction of multiple batteries per vehicle, battery swapping, battery sheds and related logistics, battery maintenance, and inefficient recharging. The user benefits from the possibility to charge off peak, more energy efficient charging, elimination of acid and hydrogen fumes and general improvements in efficiency.
This press release contains forward-looking statements, including statements that relate to, among other things, the performance of the Company’s battery and separator products, including with respect to potential efficiency gains as a result of OEMs switching to use of the Company’s products in MHV and other high-intensity applications, the ability to drive sales through OEM channels and direct sales to customers, ability to generate and receive further purchase orders, ability to deliver on such purchase orders, revenue forecasts, technology development progress, plans for shipment using the Company’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 “can”, “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 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: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); the performance of the Company’s products in business applications as compared to their performance in test conditions; 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.