Electrovaya receives Purchase Order for Lithium Ion SuperPolymer(R)
batteries from DongFeng Motors for its Electric Vehicle program in
DongFeng Motor Group, one of China's largest Automakers, contracts
with Electrovaya to produce prototypes for advanced battery systems
for an electric vehicle program. Ontario Premier Dalton McGuinty
attends signing ceremony in Shanghai, China.
TORONTO, ONTARIO -- (Marketwire) -- 01/15/13 -- Electrovaya Inc.
(TSX:EFL) today announced that it has received an initial contract to
produce prototypes to deliver complete electric vehicle battery
systems for DongFeng Motors' two electric vehicle platforms. DongFeng
Motors (DFM) plans to commercially launch these two electric vehicles
by late 2013. The Electrovaya 18kWh Lithium Ion SuperPolymer(R)
battery consists of its proprietary high energy density cells and BMS
(Battery Management System) along with sub-assemblies of mechanical,
thermal, electrical and electronics.
"DFM plans to deliver a significant number of electric vehicles over
the next 10 years," says Joseph Chao, Electrovaya's Advisor for the
China electric vehicle market. "This is a critical contract for both
groups. DFM presently manufactures over 3.5 million vehicles in China
and its electric vehicle program is slated to become one of the
largest electric vehicle programs in the world."
"We know there's a tremendous future for Ontario's green-energy
companies here in China. Today's signing ceremony between DongFeng
Motors and Electrovaya is proof of just how much we have to offer,"
said Premier Dalton McGuinty. "This new contract will create good
Ontario jobs and help reduce climate change, one of the most
important issues facing the world today."
"It is great to see innovative companies like Electrovaya opening up
new export markets for Canadian cleantech products," said Vicky
Sharpe, President and CEO of Sustainable Development Technology
Canada (SDTC), which has supported Electrovaya's technology. "On
behalf of the Government of Canada, we are proud to work with
Electrovaya as they build their business to a global scale."
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures
proprietary Lithium Ion SuperPolymer(R) 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 Norway, and customers
around the globe. To learn more about how Electrovaya is powering
mobility, please explore www.electrovaya.com.
About DongFeng Motor Corporation
DongFeng Motor Corporation is a Chinese state-owned automotive
manufacturing company headquartered in Wuhan, China. It is
traditionally included as one of the "big 3" Chinese automakers,
along with Chang'an Motors and FAW Group. As well as buses, trucks
and cars, DongFeng also manufactures parts and cooperates with
foreign car makers. It accounts for 20% of the Chinese market and as
of 2011 it has more Sino-foreign joint ventures than any other
On behalf of the Government of Canada, Sustainable Development
Technology Canada (SDTC) helps commercialize Canadian clean
technologies, readying them for growth and export markets. With a
portfolio of companies under management valued at more than $2
billion, SDTC is demonstrating that cleantech is a driver of jobs,
productivity and economic prosperity. SDTC operates two funds aimed
at the development and demonstration of innovative technological
solutions. The $590 million SD Tech Fund(TM) supports projects that
address climate change, air quality, clean water, and clean soil. The
$500 million NextGen Biofuels Fund(TM) supports the establishment of
first-of-kind large demonstration-scale facilities for the production
of next-generation renewable fuels. SDTC works with the private
sector, the financial sector and all levels of government to meet the
Government of Canada's commitment to create a healthy environment and
a high quality of life for all Canadians. SDTC operates as a
not-for-profit corporation. www.sdtc.ca.
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.
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