Electrovaya Announces Purchase Orders from Three Additional Customers including Two US Fortune 500 Companies
February 21 2018 - 5:01PM
Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:EFL)
(OTCQX:EFLVF) is pleased to announce receipt of three purchase
orders from three additional customers for its
batteries. Two of the customers are global industry
participants, one in the top 50 and the other in the top 150 of the
US Fortune 500 list. With these orders, Electrovaya now has
six US Fortune 500 companies as customers for its battery products
targeting the materials handling electric vehicles industry.
Two of the initial purchase orders are for
complete drop-in batteries in Class 1 and Class 2 forklift electric
trucks.
The Company sees a substantial opportunity in,
and is focused on, the materials handling electric vehicles sector.
New forklift truck sales in North America were reported at 225,000
in 2015, of which approximately 63% were battery-powered electric
trucks. Globally, over one million new forklift trucks were sold in
2015. Electrovaya is involved in both lithium ion batteries for new
electric trucks and the replacement market for lead acid batteries
in existing fleets. The Company believes it is the leading provider
of lithium ion batteries for the emerging forklift market in North
America.
One of the users is a producer of automated
guided vehicles (“AGV”). The user had tested the Electrovaya
battery modules for several months, had earlier placed small
initial orders and now, following extensive validation testing, is
following up with a larger purchase order. This is
Electrovaya's first customer in the AGV market. The combined
purchase price for the above three purchase orders is approximately
US$280,000.
Electrovaya is showcasing its lithium ion
ceramic batteries in the materials handling industry's trade show
at MODEX 2018, #Booth 1559, 9-12 April, Georgia World Congress
Center, Atlanta, Ga.
For more information, please
contact:
Peter KovenBay Street CommunicationsTelephone:
1.647.496.7857Email: peterkoven@baystreetcommunications.com
Visit Electrovaya's booth B-1559, the
MODEX 2018 Trade Show, 9-12 April 2018 in Georgia World Congress
Center, Atlanta, Ga.
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. Headquartered in Ontario, Canada,
Electrovaya is a technology focused company with extensive IP,
supplying leading global customers.
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, opportunities for the Company’s products in the materials
handling electric vehicles and AGV sectors, the likelihood that
initial purchase orders from customers will reflect or translate
into future demand,, demand for the Company's products generally,
the Company’s competitive position in the material handling vehicle
industry, the ability of the Company’s products to improve
productivity, reduce maintenance and reduce demand and electricity
usage in heavy-duty applications and environments, technology
development progress, production plans, and 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. Material assumptions used to develop forward-looking
information in this news release include that current customers
will continue to make and increase orders for the Company’s
products, that the Company’s alternate supply chain will be
adequate to continue manufacturing at necessary volume and quality
levels, and that the insolvency process with respect to the
Company’s German subsidiary Litarion GmbH will proceed in an
orderly fashion that will satisfy its debt without a significant
negative effect on the Company or its assets. Important factors
that could cause actual results to differ materially from
expectations include but are not limited to: actions taken by
creditors and remedies granted by German courts in the insolvency
proceedings and their effect on the Company’s business and assets,
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
industry 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.
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