A promising market opportunity in a new industrial sector for
the Company
TORONTO, May 28, 2019 /CNW/ - Electrovaya Inc.
("Electrovaya" or the "Company") (TSX: EFL; OTCQX: EFLVF) today
announced the receipt of a purchase order for a 300kWh, 600V
battery system to power an electric bus. The Electrovaya modular
battery system is expected to provide the 40-foot bus a range of
more than 200 kilometres and will be capable of fast charging.
Electrovaya's lithium ion battery is known for its superior
cycle life, safety, energy and power attributes, all of which are
important in electric buses. These buses frequently operate 12 to
16 hours a day or more, with a targeted life of 10 years or
more.
Electrovaya has a research and development program for electric
bus batteries that is supported by a C$3.8
million grant from Sustainable Development Technology Canada
("SDTC"). The Company is working with two bus manufacturers on the
SDTC-funded project.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs,
develops and manufactures proprietary lithium ion batteries,
battery systems, and battery-related products for energy storage,
clean electric transportation and other specialized applications.
Electrovaya is a technology focused company with extensive IP.
Headquartered in Ontario, Canada,
Electrovaya has production facilities in Canada with customers around the globe.
To learn more about how Electrovaya is powering mobility and
energy storage, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements that relate to, among other things, the
potential realization of revenue from the electric bus market,
anticipated increased collaboration with OEMs in fiscal 2019,
anticipated continued increase in sales momentum in fiscal 2019
through OEMs, the Company's ability to source supply to satisfy
demand for its products and satisfy current order volume, 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: that current customers will continue to make
and increase orders for the Company's products, and that the
Company's alternate supply chain will be adequate to replace
material supply and manufacturing. 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 Annual Information Form
for the year ended September 30, 2018
under "Risk Factors", and in the Company's most recent annual and
interim Management's Discussion and Analysis under "Qualitative and
Quantitative Disclosures about 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.
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SOURCE Electrovaya Inc.