MISSISSAUGA, ONTARIO--(Marketwired - April 7, 2014) - Electrovaya Inc. (TSX:EFL) announced that it has delivered its next generation of prototype battery packs to Dongfeng Motors (DFM) in China. DFM, a leading Chinese automaker, is embarked on a major electric vehicle program, which includes two electric vehicle platforms. Electrovaya's Lithium Ion SuperPolymer ® 2.0 battery consists of high energy density cells and Battery Management System (BMS) along with sub-assemblies of mechanical, thermal, electrical and electronics.
The Electrovaya battery design enables the same Electrovaya battery to fit both the 2-door and 4-door electric vehicle platforms from DFM. Due to ongoing improvements in the cell manufacturing process, this battery has about 20% increased capacity and performance over Electrovaya's previous DFM prototypes. The battery uses Electrovaya's proprietary unique non-toxic manufacturing process.
"DFM is one of China's largest automakers," says Joseph Chao, Electrovaya's Senior Consultant for the Chinese electric vehicle market. "This is a critical contract for both groups. DFM presently manufacturers over 3.5 million vehicles in China and its electric vehicle program has the potential to become one of the major players in the Chinese and Global markets," said Mr. Chao.
"We are encouraged by our leading edge performance in this category and excited to work with DFM on their massive electric vehicle program," said Dr. Rajshekar Das Gupta, Vice-President of Business Development, Electrovaya.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) designs and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems and energy storage related products for the clean electric transportation, portable energy, utility scale energy storage, smart grid power, consumer and healthcare markets. The Company's unique & proprietary technology includes a manufacturing process which does not use any toxic chemicals. Founded in 1996 and headquartered in Mississauga, Canada, Electrovaya has production facilities in Canada and customers around the globe. To learn more about how Electrovaya is powering mobility and storing energetic electrons, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue forecasts, technology development progress, plans for shipment using the Company's next generation 2.0 technology, production plans, the Company's markets, objectives, goals, strategies, intentions, 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", including in particular from pages 37 to 38, 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.