Electrovaya Inc. (TSX: EFL), developer and manufacturer of proprietary Lithium Ion SuperPolymer® battery systems, today announced that former Nortel Chief Operating Officer Clarence Chandran has joined the Company’s Board of Directors.
Mr. Chandran brings proven strategic expertise and key trusted industry relationships to Electrovaya across the global technology, telecom, industrial and renewable energy sectors. The Company continues to focus on the automotive electrification and energy storage markets, and will extend its reach to adjacent complementary markets such as the telecommunications sector, where there is a growing need for advanced batteries and where corporations currently spend multi-billion dollars on reliable, high performance energy delivery systems.
“Clarence brings to Electrovaya an extraordinary combination of experience and knowledge in renewable energy and those sectors which will adopt and implement renewable technologies over the next several years,” said Dr. Sankar DasGupta, Electrovaya’s Chief Executive Officer and Founder. “In addition to his impeccable track record in managing international businesses around the world, Clarence will be enormously helpful in guiding our strategy as we expand our business into renewable energy, telecom, IT, communications and energy storage.”
“I am very pleased to be joining Electrovaya’s Board during this exciting time for the Company and the industry,” said Mr. Chandran, “Given the tremendous opportunity created by applying renewable energy applications across industries, Electrovaya is extremely well positioned for profitable growth, given its truly unique, non toxic NMP-free technology, dedicated leadership team, and partnerships with leading OEMs. I look forward to working with Dr. Sankar DasGupta, Tom LaSorda and the rest of Electrovaya’s professionals as we accelerate to meet the demands of the rapidly growing energy storage and vehicle electrification markets.”
Mr. Chandran began his career at Nortel in 1985 as an operating executive, where his experience included responsibility for the Americas, Group Executive of Asia, UK and Europe; and culminated as Chief Operating Officer of Nortel Networks, which he served until 2001.
Mr. Chandran has extensive experience serving on the Boards of Directors for several companies across the renewable energy, communications and IT industries around the world. He currently serves on the Board of Directors of Atlanta-based Novelis Inc., a wholly owned subsidiary of Mumbai-based Hindalco, the world’s leading provider of rolled aluminum products for the consumer and automotive sectors. Mr. Chandran is also a Board member of WindTronics LLC, in Michigan and Chairman of its international subsidiary and serves as chairman and managing partner of the Walsingham Fund in Toronto. His past public board appointments included Alcan Inc. [Rio Tinto-Alcan] and MDS Inc. of Toronto.
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems, and battery-related products for the clean electric transportation, utility-scale energy storage & smart grid power, consumer and healthcare markets. The Company’s unique production process does not use toxic solvents. The Company’s mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. The Company’s mission is also to deliver utility-scale energy storage systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in the US, and customers around the globe. To learn more about how Electrovaya is the energy storage solution for powering mobility and utility-scale storage, please explore www.electrovaya.com.
For more information, please contact:
Paul L. Hart
Chief Financial Officer
Electrovaya Inc.
Telephone: 905.855.4636
Email: ir@electrovaya.com
Suzanne Craig or Danielle Ginach
The Blueshirt Group
Investor Relations for Electrovaya Inc.
Telephone: 415-217-4962/4964
Email: Suzanne or Danielle@blueshirtgroup.com
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “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); 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 forwardlooking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.