TORONTO, ONTARIO -- (Marketwire) -- 03/27/13 -- Electrovaya (TSX: EFL) is extremely pleased that the Government of Canada has shown its strong commitment to clean energy in Budget 2013. Highlighting Electrovaya's achievements (along with four other companies) and investing $325 million over eight years in Canada's dynamic clean technology sector through Sustainable Development Technology Canada (SDTC), is a strong statement of support.
"Canada's clean technology community is thriving, thanks to government support through SDTC," said Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "Of all the various clean technology financing groups that I have seen elsewhere, SDTC has had the greatest success with its unique and highly efficient financing structures."
Electrovaya's innovative lithium ion battery technology was highlighted in the budget, Economic Action Plan 2013, as one of a number of technologies that "increase productivity, efficiency and ultimately the competitiveness of Canadian industry". Electrovaya's Energy Storage technology does not use toxic chemicals, therefore has substantially lower operating and capital costs. This gives Electrovaya an unparalleled global competitive advantage. SDTC's support to Electrovaya has contributed to the company's success in developing and showcasing its breakthrough clean Lithium Ion SuperPolymer® battery technology. This technology will enable clean transportation and energy storage, two vitally important markets today.
"The lithium ion battery market revenue is expected to grow to greater than $100 billion in the next 10 years," says Dr. Sankar Das Gupta. "With this recognition and continuing support by SDTC, Electrovaya will be well positioned to supply this emerging market demand."
About Electrovaya Inc:
Electrovaya Inc. (TSX: EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® 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 customers around the globe. To learn more about how Electrovaya is powering mobility, please explore www.electrovaya.com.
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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