Electrovaya Inc. (TSX: EFL) today announced that it has entered into a MOU with a major Asian conglomerate with interests in the automotive, energy, chemical and other business areas globally. The MOU contemplates a relationship that includes:
“This relationship provides significant growth opportunities as it leverages the collective resources of this global conglomerate and Electrovaya with our products, technology and nonNMP manufacturing process.” says Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. “This enables us to expand our reach within our current energy storage markets not only in North America but throughout Europe and Asia.” continues Dr. Das Gupta.
“This partner brings significant fiscal and balance sheet strengths, Global reach in marketing, procurement and manufacturing that should be invaluable to the growth of Electrovaya.” says Paul Hart, Chief Financial Officer.
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 and smart grid power, consumer and healthcare markets. 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 other mission is 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 powering mobility, please explore www.electrovaya.com.
For more information, please contact:
Electrovaya Inc.
Telephone: 905.855.4618
Email: ir@electrovaya.com
Forward-Looking Statements
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