Represents the second and third Walmart
warehouses at Walmart Canada in which forklifts will be fully
powered by Electrovaya batteries
TORONTO, Sept. 5, 2019
/PRNewswire/ - Electrovaya Inc. ("Electrovaya" or the "Company")
(TSX: EFL)(OTCQX:EFLVF) today announced that it has secured new
purchase orders under a contract with Walmart Canada for its
forklift battery systems. The retailer will convert all the
forklifts at two of its distribution centres to Electrovaya's
drop-in lithium ion battery systems. The new purchase orders are
worth approximately Cdn $7.3
million.
Following these deliveries, Walmart Canada will have three
distribution warehouses in which its materials handling vehicles
are fully powered by Electrovaya's lithium ion battery systems. The
retailer previously converted all forklifts at an Ontario distribution centre to Electrovaya
batteries in 2018.
"We are pleased to continue working with Walmart Canada, a
leader in the introduction of green sustainable technology in the
distribution and logistics industry," said Dr. Raj Das Gupta, Vice
President, Business Development at Electrovaya. "These purchase
orders represent a strong endorsement of our lithium ion battery
technology. It is ideally suited to intensive-use applications such
as forklifts, supporting both higher efficiency and
sustainability."
"At Walmart, we are always looking at ways to make our
distribution centres more sustainable. The Electrovaya batteries
offer improved energy efficiency, which will help reduce our
environmental footprint." said John
Bayliss, Executive Vice President, Logistics at Walmart
Canada.
Electrovaya's ELivate lithium ion forklift battery line features
a ceramic separator and provides industry-leading cycle life,
safety, energy and power attributes.
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 ability to drive sales
through OEM channels and direct sales to customers such as Walmart
Canada, ability to receive further purchase orders, ability to
deliver on such purchase orders and to do so in a timely
manner, revenue forecasts, technology development progress,
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); Company liquidity and capital resources, including
the availability of additional capital resources to fund its
activities; that significant price reductions on the purchase price
of products may apply in the case of late delivery; 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 information form under
the heading "Risk Factors" and 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.
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SOURCE Electrovaya Inc.