Electrovaya to supply batteries to Norwegian EV maker
Canadian battery developer Electrovaya has reached an agreement with Norway's Miljobil Grenland to supply energy storage systems. Miljobil Grenland has been manufacturing electrically driven vehicles since 1997 and is partly owned by utilities Skagerak Energi and Norsk Hydro. As part of the deal, Electrovaya will get an equity stake in the car maker. The batteries will be based on Electrovaya's SuperPolymer lithium ion technology. SuperPolymer is a battery construction technique that isn't dependent on a particular chemistry. Thus, it's compatible with different electrode materials for different applications. So far there is no word on when the car might appear or where it will be available.
[Source: Electrovaya]
PRESS RELEASE:
Electrovaya Signs Agreements for Electric Cars and Batteries in Norway
Mississauga, Ontario – September 3, 2008 – Electrovaya: (EFL:TSX ) today announced that it has signed a revised term sheet agreement with Miljobil for electric car battery production in Norway whereby Electrovaya will be providing its critical enabling Lithium Ion SuperPolymer® battery technology. The electric car will be marketed globally. Electrovaya will receive equity in the automotive company, along with a license fee and a royalty fee based on the value of the battery.
About Electrovaya Inc.
Electrovaya (TSX: EFL) is a developer and manufacturer of portable power solutions with its proprietary Lithium Ion SuperPolymer® battery technology. Its goal is to become the preferred provider of portable power to mobile computing, aerospace, defense and wireless sectors, and the developer of alternative energy applications including UPS, stand-by power, plug-in hybrids and Zero-Emission Vehicles. The Company's shares trade on the Toronto Stock Exchange under the symbol EFL.
For more information about the Company and its products, please visit our website at www.electrovaya.com.
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