Electrovaya and Its Joint Venture Partner Miljobil Grenland Accelerating Activities to Meet Rapidly Expanding Demand
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TORONTO, ONTARIO, Oct 29 (MARKET WIRE) --
Electrovaya Inc. (TSX: EFL) today announced that it is accelerating the
set-up of its joint-venture production facility in Norway with its
partner Miljobil Grenland based on robust demand.
The Miljobil Grenland joint venture, of which Electrovaya is a
shareholder, is establishing a Lithium Ion SuperPolymer(R) cell and
battery pack manufacturing facility in Norway to meet the emerging
demands of electric vehicles, including the Tata Motors Indica EV. Tata
Motors is also a shareholder in this joint venture. This battery
production facility will feature Electrovaya's unique zero-emission
production process technology, which exceeds all European Union as well
as stringent Norwegian environmental regulations.
"We are working closely with Electrovaya to set-up our Norwegian
production to meet the European cell demand for the years 2010 to 2012"
comments Miljobil Grenland CEO Ivar Brynhildsvoll. "Electrovaya's
superior energy density and large format pouched cell technology are core
competitive strengths. In addition, its unique clean production process
is ideally suited to our goals of clean transportation. We will be
visiting Electrovaya next week to accelerate our plant build-out to meet
our rapidly growing and immediate production needs."
Dr. Sankar DasGupta, CEO of Electrovaya adds "We are taking steps to
increase our production capabilities to meet the larger than anticipated
requirements of Miljobil Grenland and our other customers. We look
forward to their visit next week."
About Electrovaya:
Electrovaya (TSX: EFL) is a developer and manufacturer of its proprietary
Lithium Ion SuperPolymer(R) battery systems. Electrovaya's mission is to
accelerate clean transportation as a commercial reality with its advanced
power systems for all classes of zero-emission electric vehicles and
plug-in hybrid electric vehicles. Further, it is focused on other
large-format emerging markets such as stationary power. It also offers
battery-related consumer products primarily for the healthcare market.
For more information about the Company and its products, please visit our
website at www.electrovaya.com.
About Miljobil Grenland:
Miljobil Grenland was founded in 1997 and is based in Porsgrunn, Norway.
Miljobil Grenland intends to become a leading European supplier of
electric vehicles based on their patented battery pack. Tata Motors
European Technical Centre Plc (UK) is its' majority shareholder. For more
information about the Company and its products, please visit our website
at www.miljobil.no
Forward-Looking Statements
This news release may contain forward-looking statements that involve a
number of risks and uncertainties, including statements regarding the
outlook for the Company's business and results of operations. Risks are
outlined in the Company's MD&A for the period ending June 30, 2009 and
are set forth in public disclosure documents filed with Canadian
regulatory authorities. By nature, these risks and uncertainties could
cause actual results to differ materially from those indicated. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts:
Electrovaya Corp.
Paul L. Hart
Chief Financial Officer
905.855.4636
plhart@electrovaya.com
Investor Relations
Blue Shirt Group
Suzanne Craig
415.217.4962
suzanne@blueshirtgroup.com
Copyright 2009, Market Wire, All rights reserved.
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