TORONTO, ONTARIO -- (Marketwired) -- 04/17/13 -- Electrovaya (TSX: EFL), the leading designer and manufacturer of lithium ion battery systems, launches its new generation of lithium ion battery technology SuperPolymer®2.0.
The Lithium Ion SuperPolymer® 2.0 battery technology is a new generation of lithium ion batteries. It represents the integration of our automotive and grid knowledge, our customers' feedback, recent safety enhancements in the aerospace sector and our overall vision of the future design of advanced batteries. This technology meets the demands of a wide range of applications including electric vehicles, marine, telecom, grid, residential storage and more.
The Company has focused on enhancing its technology by adding more safety features on all levels of the battery system. Key improvements in the battery system include:
-- Safety improvements: fire resistance, reduced flammability, anti- propagation-- Wider operating temperature range at both hot and cold extremes-- More efficient thermal management system in a smaller space-- Other improvements along key performance metrics
The module-level and system-level improvements are a result of intensive development at Electrovaya as well as the addition of intellectual property acquired from Tata Motors through the August 2012 acquisition of Miljobil.
During this technology transition period, there was a reduced output resulting in lower revenues and deferred sales in the last few quarters. We expect our Q2 FY 2013 revenue to be approximately $350,000 - $400,000. With the present launch of the SuperPolymer® 2.0 battery system, Q3 FY 2013 revenues are expected to ramp up. Electrovaya has a large and growing sales pipeline in the Electric Vehicle, Energy Storage, Marine Transportation and Mobile Power markets.
The SuperPolymer® 2.0 will be produced using Electrovaya's green manufacturing process, which avoids using a toxic chemical called N-Methyl Pyrrolidone (NMP), unlike most lithium ion battery manufacturers. NMP is known to have a negative effect on human health and many countries have set occupational exposure limits. Electrovaya enjoys certain benefits from this production process as it believes it has operational cost savings of up to 50% compared to others and in addition, users of the lithium ion battery systems can gain a social benefit from the use of eco-friendly battery systems.
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 facilities in Canada as well as in the US and Europe, 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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