TORONTO, Feb. 14 /CNW/ - Electrovaya Inc. (TSX: EFL) today announced
that it has been chosen by a major North American automotive OEM to
supply battery packs for its second Plug-In-Hybrid vehicle (PHEV)
platform, and delivery has commenced. This announcement follows
Electrovaya's earlier announcement that it is delivering battery
systems for the Ram Plug-In-Hybrid vehicle program.
"We are extremely pleased to be supplying lithium Ion SuperPolymer® based battery packs to this second major PHEV automotive platform which
has global recognition," stated Dr. Sankar DasGupta, CEO Electrovaya.
"This development is a significant breakthrough in the company's goal
of becoming the major battery supplier for the electric automotive
Electrovaya's Lithium Ion SuperPolymer® Battery System for this Plug-In-Hybrid vehicle features the company's
proprietary battery technology, battery management system and complete
mechanical, thermal, electrical and electronic subsystems.
Electrovaya's battery technology is manufactured in North America and
is uniquely distinguished by its clean, non-toxic manufacturing
process. Electrovaya's proprietary technology is supported by over 150
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.
This press release contains forward-looking statements that involve a
number of risks and uncertainties, including statements that relate to,
among other things, the Company's objectives, goals, strategies,
intentions, plans, beliefs, expectations and estimates, and can
generally be identified by the use of words such as "may", "will",
"could", "should", "would", "likely", "expect", "intend", "estimate",
"anticipate", "believe", "plan", "objective" and "continue" (or the
negative thereof) and words and expressions of similar import. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are applied in
making forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ materially
from expectations include but are not limited to: general business and
economic conditions (including but not limited to currency rates and
creditworthiness of customers); Company liquidity and capital
resources, including the availability of additional capital resources
to fund its activities; level of competition; changes in laws and
regulations; legal and regulatory proceedings; the ability to adapt
products and services to the changing market; the ability to attract
and retain key executives; and the ability to execute strategic plans.
Additional information about material factors that could cause actual
results to differ materially from expectations and about material
factors or assumptions applied in making forward-looking statements may
be found in the Company's most recent annual and interim Management's
Discussion and Analysis under "Risk and Uncertainties", as well as in
other public disclosure documents filed with Canadian securities
regulatory authorities. The Company does not undertake any obligation
to update publicly or to revise any of the forward-looking statements
contained in this document, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE Electrovaya Inc.
For further information:
NATIONAL Public Relations
The Blueshirt Group
Suzanne Craig or Danielle Ginach
Telephone: 415.217.4962 / 415.217.4964
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