MISSISSAUGA, ON, /CNW/ – Paul Szabo, Member of Parliament forMississauga South, on behalf of Allan Rock, Minister of Industry, todayannounced a $9.9-million strategic investment as part of a $33-million projebeing undertaken by Electrovaya Inc. The investment, funded through TechnoloPartnerships Canada, will support Electrovaya in developing smaller, moreefficient and high-power rechargeable batteries for portable wirelesscommunications devices, electric vehicles and other mobile vehicles, such asforklifts and golf carts.
“This initiative represents a significant opportunity for Canada,” saidMr. Szabo. “The clean and efficient portable power technologies developed byElectrovaya will provide far-reaching benefits across diverse sectors.”
Electrovaya’s lithium ion polymer battery technology is anenvironmentally friendly research and development breakthrough, which willproduce rechargeable batteries with a high-energy density. Electrovaya’slithium ion polymer batteries will be half the size, but store just as muchenergy as a conventional lithium ion polymer battery. Containing no toxicmaterial and requiring less material to manufacture them, the batteriesdeveloped by Electrovaya will store twice as much energy as traditionalbatteries and enable the development of a family of clean transportationalternatives, such as electric vehicles.
“As a leader in battery technology, Electrovaya is delighted to partnerwith Technology Partnerships Canada in the development of advanced, portablepower sources that bear real benefit for communications and urbantransportation,” said Dr. Sankar Das Gupta, President and Chief ExecutiveOfficer of Electrovaya Inc.
“The development of more powerful and efficient batteries provides thegroundwork for the next generation of clean-transportation and clean-airtechnologies,” said Professor Alex McLean of the University of Toronto. Technology Partnerships Canada, a key instrument of Canada’s InnovationStrategy, makes strategic, conditionally repayable investments in greatCanadian ideas, which are the currency for success in the 21st century.Technology Partnerships Canada’s critical and timely investments for researcand development promote innovation, commercialization, sustainable developmeand increased private-sector investment, while enhancing the quality of lifeof all Canadians.
For further information:
Selena Beattie,
Office of Allan Rock, Minister of Industry,
(613) 995-9001;
Media Relations, Industry Canada,
(613) 943-250