Litarion GmbH, a fully owned subsidiary from Electrovaya has signed a Memorandum of Understanding (MoU) with a prime OEM European battery manufacturer for supplying mobile energy solutions in Europe and Asia, primarily for electric buses.
A High Profile Deal
The new agreement is expected to produce business value worth about 12 million USD (11 million Euros) in 2017 alone with more business opportunities expected to grow exponentially with the hugely popular electric bus market in both Europe and Asia. The OEM will integrate the cells into the buses and production is expected to start as soon as the fourth quarter of 2016 itself. The MoU also specifies the cell size, price, and energy capacity to be delivered.
A recent survey has shown that the electricity operated 300 kWh bus industry will grow to $32 billion in as soon as 10 years. In this aspect, Electrovaya is uniquely equipped to tackle high-profile demands with excellent cycle life and safety aspects at excellent competitive prices. Moreover, the sales volume will be driven by an excellent market arising from emerging markets. According to Fritz Mueller, the Head of European Sales for Electrovaya, “Our OEM partner has production facilities in both China and Europe and capable of driving massive sales”.
Electrovaya Inc. is an energy solution company with its headquarters in Ontario, Canada. With several patents and exclusive intellectual property rights to its name, it is fast becoming one of the leaders in the world of challenging energy needs with highly competitive rates. From Lithium Ion Super Polymer batteries to exclusive customized battery systems, Electrovaya is proving to be as much efficient in energy needs as it is in other related energy services including smart grid power, transportation and innovative ways of storage and application. This is in addition to the products by Litarion GmbH which includes cells, electrodes and other more innovative products like the SEPARION ceramic separators with a production capacity of around 500MWh annually. Electrovaya has manufacturing facilities in Canada and Germany and has a global clientele.
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