11:54:30 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Electrovaya Inc
Symbol EFL
Shares Issued 84,248,741
Close 2016-05-25 C$ 0.95
Market Cap C$ 80,036,304
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Electrovaya signs multiyear deal for battery modules

2016-05-26 14:45 ET - News Release

Dr. Rajshekar Das Gupta reports

ELECTROVAYA SIGNS A MULTIYEAR MASTER SERVICE AGREEMENT WITH A FORTUNE 1000 COMPANY FOR THE SUPPLY OF LITHIUM ION BATTERY MODULES

Electrovaya Inc. has signed a multiyear service agreement with a U.S.-based Fortune 1000 original equipment manufacturer to supply lithium-ion battery modules, battery management systems and related services. The agreement is expected to generate revenues of up to $80-million over the next three years. The revenues from this agreement start in the second quarter of 2016, grow through the rest of 2016 and accelerate in 2017.

The first purchase order from this multiyear service agreement has been received. This Fortune 1000 company is Electrovaya's first major customer for the Litacore1000 module, announced recently. The Litacore1000 module significantly increases the market size for Electrovaya's product offerings as all major original equipment manufacturers can now use the Electrovaya module as a building block for their specific lithium-ion battery application.

The Litacore1000 modules use Litacell40, which delivers industry-leading cycle life and safety.

"We are extremely pleased to receive this multiyear production contract in this fast-growing sector from one the world's leading original equipment manufacturers," said Dr. Rajshekar Das Gupta, vice-president of business development. "Electrovaya received this contract after an intense qualification exercise, against global majors."

We seek Safe Harbor.

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