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Tiny Battery Company Electrovaya Is Taking on Tesla, Panasonic

  • Electrovaya has more than quintupled its value in past year
  • CEO forecasts surging revenue and more deals as plant ramps up

In the race to bring large-scale rechargeable batteries to the masses, there’s Tesla Motors Inc., Panasonic Corp. and Samsung Electronics Co. Then there’s tiny Electrovaya Inc.

The Canadian manufacturer of lithium-ion batteries, run by an adjunct professor of electrochemistry at the University of Toronto, has generated just C$47 million ($36 million) in revenue in the last five years. Yet investors are betting it can grab a slice of a market that’s estimated by Bloomberg New Energy Finance to be worth at least $250 billion by 2040.