1.5MWh Lithium Ion SuperPolymer(R) Battery Energy Storage System
TORONTO, Jan. 24 /CNW/ - Electrovaya Inc. (TSX: EFL) today announced
that it has been selected by a major U.S. utility to provide a 1.5MWh
capacity Lithium Ion SuperPolymer® Battery Energy Storage System for
grid storage applications.
The Electrovaya system will provide energy storage for renewable energy
integration and the Smart Grid. Energy Storage with Lithium Ion
Batteries is a highly efficient means for storing energy from
intermittent generating sources like wind and solar. This enables
on-demand availability of energy to customers at times of peak energy
demand in addition to storing excess production at times of low demand.
"Working with major utilities represents a tremendous opportunity for
Electrovaya in the rapidly growing grid energy storage market," says
Dr. Sankar Das Gupta, CEO of Electrovaya. "It validates the importance
of our advanced battery technology and its unique clean, non-toxic
manufacturing process." "We are very pleased to work with ABB on this
project and look forward to working with them on many other
Electrovaya is partnering with ABB, a leading global power and
automation technology company with North American headquarters based in
Cary, North Carolina, to provide the power conditioning and conversion
equipment for the battery energy storage system.
"ABB is excited to work with Electrovaya on this important grid battery
energy storage project," says Pat Hayes, Account Manager of Energy
Storage Systems for ABB. "Electrovaya and ABB will be working closely
together on this and other opportunities, as we meet the growing demand
for clean energy via safe and reliable technology."
Electrovaya is the prime contractor in this project and expects the
1.5MWh Energy Storage System to be operating by summer 2011.
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.
ABB (www.abb.com) is a technology-based provider of power and automation products,
systems, solutions, and services that enable our customers to improve
their performance while lowering environmental impact. The ABB Group of
companies operates in around 100 countries and employs more than
117,000 people. The company's North American operations, headquartered
in Cary, North Carolina, employ about 12,000 people in 20 manufacturing
and other major facilities.
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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