TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Electrovaya Inc. (TSX: EFL) today announced financial results for the second quarter of Fiscal 2013 ending June 30, 2013.
For the last several quarters, Electrovaya has been completing the development of the next generation 2.0 technology. While this has temporarily impacted its quarterly revenue, the development of the next generation 2.0 technology continued during the current quarter and shipments are now expected to ramp up this month. Based on current orders, the sales pipeline, general business conditions in the Lithium Ion energy storage markets and anticipated delivery schedules:
-- Electrovaya expects to generate revenues in the range of $700K to $1.0 million in the remaining weeks of the quarter ending September 30th.-- Revenues exceeding $15 million are expected in calendar year 2014 and the growth and momentum should continue in calendar year 2015.
-- During this transition period, the revenue for the quarter ending June 30, 2013 was $139K.-- Cash and cash equivalents increased to $3.4 million from $2.9 million as at March 31, 2013.
Electrovaya's business initiatives and revenue growth have awaited the introduction of its next generation 2.0 technology for the following emerging markets:
-- Automotive-- Electric Marine transportation-- Replacement of diesel generators by Clean Electric Power-- Strategic Portable Power-- Smart Grid enabled distributed energy storage systems-- Grid scale energy storage systems
In the automotive and clean transportation market, Electrovaya's battery has been integrated into the previously announced electric vehicle project in China. Road trials have commenced. Additional systems are expected to be shipped in the next 10-12 weeks. Electrovaya is discussing other opportunities in the electric vehicle market with a number of global automotive companies.
In the marine transportation sector, Electrovaya had earlier announced that its Lithium Ion battery energy system will be replacing a diesel powered motor for an electric ferry application in Norway. Electrovaya's system is expected to be delivered this quarter and the electric ferry is expected to undergo sea trials by September 2013. The demand for clean marine transportation is particularly strong in Scandinavia and this will be one of the first electric ferries in the world.
Electrovaya expects a substantial market in replacing diesel generators with clean non-polluting batteries. Diesel powered generators are expensive and produce air pollution, carcinogens, harmful particulate matter and noise. Market demand in India alone is about 370,000 Telecom Towers and the replacement of diesel generators could be a major market for Electrovaya's 2.0 technology.
Strategic Portable Power is a high value application for Electrovaya's high energy density Lithium Ion batteries. Discussions are underway with a number of important users and the Company expects to announce details shortly with an OEM in the Middle East.