Electrovaya, Inc. (OTCQX: EFLVF) is engaged within the design, development, and manufacturing of lithium ion batteries and energy storage systems. Shares of the electric vehicle battery manufacturer are rallying 12.66%, through afternoon trading on Thursday, July 13, 2017. Over the past month, Electrovaya, Inc. reported average daily volume of 27,796 shares. However, volume of 42,484 shares or dollar volume of $37,810, has already exchanged hands on Thursday.
Shares of Electrovaya, Inc. are gaining today, after the company announced it sold Euro 1 million worth of lithium ion cells for electric vehicles. The contract will be paid in full by September 2017. Here is the full press release detailing of the lithium battery sale:
Electrovaya, Inc. Press Release:
TORONTO, ONTARIO–(Marketwired – July 13, 2017) – Electrovaya, Inc. (TSX:EFL)(OTCQX:EFLVF) announced that it has sold Euro 1 million (~Cdn $1.45 million) of lithium ion cells for electric vehicle application to an electric vehicle producer. Under the terms of the order, the customer took possession late in Q3 2017, with 50% of the purchase price payable this month and the remaining 50% in September 2017.
“We are very pleased to receive this follow-on order, after the customer had earlier purchased smaller quantities of lithium ion cells from us”, said Thomas Kagemann, Electrovaya / Litarion Director of Sales in Europe. “This underlines the strong commercial performance of our cells, which is viewed as one of our key differentiators in the marketplace. This order is also reflective of an increasing level of interest from electro-mobility customers in Europe for our cells, who are recognizing our industry leading safety, energy density and cycle-life”.
About Electrovaya, Inc.
Electrovaya, Inc. (TSX:EFL)(OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces cells, electrodes and SEPARION™ ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.
To learn more about how Electrovaya and Litarion is powering mobility and energy storage, please explore www.electrovaya.com, www.litarion.com and www.separion.com
This press release contains forward-looking statements, including statements that relate to, among other things, revenue forecasts, technology development progress, the payment by customers in a timely manner, plans for shipment using the Company’s 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”, “possible”, “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); the credit worthiness of the customers of the Company, 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.