Electrovaya increases its ownership to 99.6% of the shares of Miljøbil Grenland AS, an European Lithium Ion Battery Company

  • Toronto, Ontario –
  • September 13, 2012
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Electrovaya Inc. (TSX: EFL) today announced that it has agreed to increase its position from 78.1% to 99.6% of the shares of Miljøbil Grenland AS (MBG). MBG is based in Porsgrunn, Norway.

“MBG’s excellent technical team and facilities enable Electrovaya to better serve European automotive OEMs, utilities, maritime and other customers.” says Paul Hart, Chief Executive Officer of MBG and Chief Financial Officer of Electrovaya. “In addition to a new European base to support our marketing and technical efforts, we have significant battery testing and validation capabilities as well as access to many new maritime opportunities.” adds Mr. Hart.
“The MBG acquisition was completed through the purchase of shares for nominal consideration and was non-dilutive to Electrovaya’s existing shareholders. MBG is essentially free of short term debts, with a good cash position.” concludes Mr. Hart.
MBG is a battery integrator with over $30 million invested in developing battery systems for automotive, maritime and similar applications. MBG is an excellent fit for Electrovaya as MBG does not manufacture lithium ion cells or battery management systems (BMS), but integrates externally manufactured cells and BMS into systems and battery packs. Electrovaya on the other hand manufactures both the fundamental lithium ion polymer cells as well as the intelligent battery management systems and previously had no European base of operations. Prior to Electrovaya’s acquisition, MBG’s revenue was focussed on its single OEM shareholder, while now its revenue focus will be throughout Europe. MBG owns substantial technology Intellectual Property, including patents and recently sold a non-exclusive license for its technology for $2.9 million.

About Miljøbil Grenland AS:

Miljøbil Grenland AS (MBG) is a technology and engineering company with cutting-edge expertise in energy storage, electric vehicles and proprietary battery systems technology. MBG has developed Li-ion battery systems for the automotive industry and is working on new applications for use in electrically powered ferries and other transportation and energy storage applications. MBG was founded in 1997 and is based in Porsgrunn, Norway. To learn more about how MBG is developing Clean Energy technology, please explorewww.miljobil.no

For more information, please contact:
Miljøbil Grenland AS
Telephone: (+47) 950 30 680
www.miljobil.no.

About Electrovaya Inc.

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

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