Launches Modular Clean Energy Storage System Scalable from 1- 100MWh
Allows Storage of Renewable Energy and Replaces Need for Peaker Plants
Allows Local Distributed Energy in Growing Cities without need for
Additional Transmission Lines
TORONTO, Jan. 24 /CNW/ - Electrovaya Inc. (TSX: EFL) today announced the
launch of a Lithium Ion Battery Energy Storage System product line.
This Smart Grid product is now available to utilities and solves the
most critical energy storage challenge for utilities today.
For utilities with increasing renewable generation, the Electrovaya
system offers a compact, efficient and reliable solution to firm these
intermittent generation sources. The Electrovaya product works by
storing electrical energy from renewable energy or other sources during
off-peak periods and then providing power at periods of peak demand.
"The problem for utilities is that electricity must be used as it is
produced and often too much is produced when demand is low - especially
with respect to renewable power," says Dr. Sankar Das Gupta, CEO of
Electrovaya. "Electrovaya's Energy Storage System is the critical link
that brings together supply and demand, drastically increasing the
viability of renewable energy sources."
Furthermore, for regions with increasing urbanization that require urban
Peaker plants and/or added high voltage transmission lines, the
Electrovaya product line provides a highly efficient, small footprint
"As electricity demand escalates in growing regions, Electrovaya's Clean
Energy Storage System can deliver peak electricity when new
transmission lines are difficult to build and can replace the need for
new Peaker Plants," continues Dr. Das Gupta. "This could be a game
changer for many regions grappling with the challenges of managing peak
power production while reducing emissions and the impact of new
infrastructure projects on their communities."
The Energy Storage System is based on Electrovaya's proprietary Lithium
Ion SuperPolymer(R) cell technology which is ideal for Large Scale
Energy Storage Applications. Modular and scalable from 1MWh to 100 MWh
or more, the Energy Storage system is controlled and monitored by
Electrovaya's iBMS(R), an intelligent battery management system. The
Electrovaya system is capable of storing electricity at a round trip
efficiency of about 90%. The product line is designed for minimized
footprint and can be installed anywhere along the generation,
transmission and distribution points of a utility system.
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.
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