-- Electrovaya deferred shipments during the quarter until its next generation SuperPolymer® 2.0 technology was launched in mid-April 2013, resulting in a decrease in revenue from previous quarters (as mentioned by Electrovaya in our News Release on April 17th, 2013). Revenue was $369,000 in Q2, FY 2013 compared to $2.4 million during the same quarter in the prior year.-- Gross profit was $60,000 or 16.3% in Q2 and 23.9% for the six months ending March 31, 2013.
Electrovaya is, we believe, the only major producer of Lithium Ion batteries which does not use toxic chemicals during manufacturing. Other Lithium Ion battery companies use massive quantities of toxic chemicals which lead to large increase of their operating and capital costs, required for the containment of toxic chemicals. Electrovaya's next generation SuperPolymer® 2.0 technology is attracting wide interest with users preferring Clean Green batteries for applications in electric vehicles, solar and wind energy storage, replacement of diesel generators and multiple other applications, as much of the world starts moving from fossil fuel to clean electricity to combat Climate Change and reduce harmful and carcinogenic pollutants.
In February, 2013, Electrovaya announced that it had entered into a MOU with a major Asian conglomerate with interests in the automotive, energy, chemical and other business areas globally. The MOU envisages a relationship comprised of (a) joint venture manufacturing (b) an equity interest in Electrovaya and (c) global sales distribution.
In March, 2013, the Canadian budget highlighted Electrovaya's achievements (along with four other companies) and showed Canada's strong commitment to clean energy by investing $325 million over eight years in Canada's dynamic clean technology sector through Sustainable Development Technology Canada (SDTC).
In April, 2013, Electrovaya launched 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. 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
Also in April, 2013, Electrovaya announced that its Lithium Ion battery energy system will be replacing a diesel powered motor for a clean marine transportation application. Diesel powered generator sets are ubiquitous around the world, are expensive and produce air pollution, many carcinogens, harmful particulate matter and noise. Electrovaya, has secured, in conjunction with its subsidiary, Miljobil Grenland AS (Miljobil) in Norway, an order for a large Lithium Ion battery system for the "Hisaroy" Electric Ferry. The Ferry will be battery-powered by Electrovaya.