Electrovaya to supply US firm with batteries for electric vehicles

Electrovaya

20/09/2016 12:40

Sept 20 (Reuters) - Canada's Electrovaya Inc  EFL.TO  said 
on Tuesday it signed an agreement to supply lithium-ion 
batteries for electric vehicles to an original equipment maker, 
its second such deal with a NYSE-listed Fortune 1000 company. 
    The company, which did not name the buyer, said the latest 
project would start immediately, with large volume commercial 
production beginning in late 2017.  urn:newsml:reuters.com:*:nMKWytKswa 
    Electrovaya, which boasts Tata Motors  TAMO.NS , Chrysler 
 FCHA.MI  and NASA among its customers, said in July that it 
expects revenue of $80 million over three years from a deal with 
another U.S.-based original equipment maker. 
    While lithium-ion batteries are mostly used in consumer 
devices such as smartphones as well as electric cars, Elon 
Musk-backed Tesla Inc  TSLA.O  sparked interest in the idea of 
self-powered homes, when it said in April 2015 that it would 
start selling such batteries for households. 
    Electrovaya acquired Germany-based Litarion GmbH, a joint 
venture between Daimler AG  DAIGn.DE  and Evonik AG  EVKn.DE , 
last year to boost its global presence and compete with larger 
players such as Tesla. 
    Electrovaya has signed a number of supply deals this year, 
including for residential energy storage and most recently one 
with Hyster-Yale  HY.N , an Ohio-based maker of lift trucks. 
    Such deals have helped Electrovaya's shares surge about 400 
percent this year, giving the company a market capitalization of 
about C$300 million ($227 million). 
 ($1 = C$1.3221) 
 
 (Reporting by Arathy S Nair in Bengaluru; Editing by Savio 
D'Souza) 
 ((arathys.nair@thomsonreuters.com;  within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 3863; Reuters Messaging: 
arathys.nair.thomsonreuters.com@reuters.net)) 
 
Keywords: ELECTROVAYA SUPPLIES/