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Toronto, Ontario, – Electrovaya Inc. (TSX: EFL) today announced that it will receive a $9.9 million investment from the Government of Canada, Technology Partnerships Canada. This investment is conditionally repayable beginning in fiscal 2007. The funds will be used to support Electrovaya’s 5-year $33 million research program for the further development of Electrovaya’s technology and products.
“As a leader in battery technology, Electrovaya is delighted to partner with Technology Partnerships Canada in the development of advanced, portable power sources that bear real benefit for communications and urban transportation,” said Dr. Sankar Das Gupta, Chairman and Chief Executive Officer of Electrovaya.
About Electrovaya
Electrovaya’s goal is to become the leading provider of portable power for the notebook computer and wireless sectors, and to apply its technology to a broad spectrum of alternative energy applications over the long term. It develops, manufactures and sells high value products globally using award winning patented proprietary lithium ion SuperPolymer™ rechargeable battery technology, which delivers the highest energy density of any battery technology on the market today. Electrovaya has designed, developed and markets the SCRIBBLER Tablet PC which offers significantly longer run times than any other Tablet PC on the market today. The Company’s shares trade on the Toronto Stock Exchange under the symbol EFL.
For more information about the Company and its products, please visit www.electrovaya.com
For more information, please contact:
ELECTROVAYA CONTACT:
Julia Harrison2645
Royal Windsor Drive
Mississauga, ON, L5J 1K9
Canada 905 855 4610, ext. 3099
jharrison@electrovaya.com