Electrovaya Inc. (TSX: EFL) today announced that it plans to acquire the assets of a state-of-the-art manufacturing plant with capacity of about 0.5 Gigawatt hours (GWh) of lithium ion electrodes and other products. The plant’s output, when converted into battery systems, has a revenue capacity of up to $250-$550 million. This is a transformational acquisition for Electrovaya as it instantly brings best-in-class manufacturing scale capacity to meet soaring demand for the Company’s energy storage products.
Products from this captive plant will now be expanded to broader markets including utilities, energy storage of wind and solar, aerospace, micro-grids, marine and automotive industries while maintaining supply to its present customer. This large volume facility and its seasoned management team will drive key energy storage revenues globally.
Conventional lithium ion manufacturing plants use large quantities of toxic NMP (n-methyl-pyrrolidone), now suspected of causing birth defects and increasing operating costs, capital costs and future liabilities. Electrovaya’s unique non-toxic manufacturing technology, which completely eliminates NMP, will enable this best-in-class plant to become the lowest cost producer as well as the greenest large manufacturer on the planet. It is estimated that the processing costs of the plant will be reduced by over 50% and its energy costs by over 80%.
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery-related products for energy storage, clean electric transportation, Utility Scale Energy Storage and smart grid power, consumer and healthcare markets. The Company’s mission is to mitigate Climate Change by having the highest efficient energy storage systems, accelerate clean transportation with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicle, deliver Utility Scale Energy Storage Systems, whether the electricity is generated from intermittent wind and solar power or from other sources. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada 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: Sean Peasgood at 416.565.2805
Email: Sean@SophicCapital.com
Forward-Looking Statements
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