Electrovaya Inc. (TSX: EFL) announced that Ontario’s Premier Dalton McGuinty, along with members of his caucus, visited the company yesterday and announced an investment of up to C$16.7 million to support battery research and pre-commercialization activities.
Electrovaya is a developer and manufacturer of portable power solutions with its proprietary Lithium Ion SuperPolymer® battery technology. Its goal is to become the preferred provider of portable power for aerospace, defence and wireless sectors, and the developer of alternative energy applications including UPS, stand-by power, plug-in hybrids and Zero-Emission Vehicles.
“The support from the Government of Ontario allows us to accelerate our growth plans and bring our technology to market sooner. We are excited to be adding to our team and increasing our innovation and technology capabilities in Mississauga.” Dr. Sankar Das Gupta, CEO of Electrovaya, said.
In November 2008, Electrovaya and Changan Automobile Group, Ford Motor’s (NYSE: F) China partner, announced the joint development of 30 electric vehicles for delivery to Canada. Changan was to provide its compact model called the Ben Ben, and Electrovaya would supply the electric drive train.
In October 2008, India’s Tata Motors (NYSE: TTM) said it is working with Electrovaya and Norway’s Miljø Grenland/Innovasjon to manufacture electric vehicles in Europe, beginning with an electric version of Tata’s Indica hatchback in Norway, beginning 2009. Miljø is to produce Lithium Ion SuperPolymer® batteries, developed by Electrovaya.
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