Improved high temperature tolerance and cycle
life for mission critical applications
TORONTO, July 9, 2019 /PRNewswire/ - Electrovaya Inc.
(TSX:EFL) (OTCQX:EFLVF) today announced certain advanced features
have been added to its EV44 cell, including higher energy density
and lower cobalt content. The cell, which has more than 44Ah of
capacity and average output voltage of 3.7V, features improved
temperature tolerance and cycle life. It can operate at continuous
high charge/discharge rates and has been tested at 45oC,
over hundreds of cycles, without external cooling. These advanced
features will be available later in 2019.
Electrovaya believes the EV44 cell has one of the industry's
highest cycle lives for large format lithium ion pouch cells, as
well as low parasitic reactions and excellent safety. The cell
should further reinforce Electrovaya's technology for intensive
mission critical applications in electromobility such as electric
forklifts, electric trucks and electric buses. These
applications demand batteries with a combination of high cycle
life, fast charging, high safety standards, excellent energy and
power levels, as well as the ability to handle high temperature
excursions.
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 uses scalable contract manufacturers for various
component production, and has final assembly 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 use of the EV44 cell and its possible higher energy
density, higher temperature tolerance, higher cycle-life, lower
cobalt content, higher internal reduction of parasitic reactions,
realization of revenue from this EV44 cell, which together with
formalised sales relationship with Raymond Corp may not assure any
sales from this product, and whether this will expand Electrovaya's
market reach, anticipated increased collaboration with OEMs in
fiscal 2019, anticipated continued increase in sales momentum in
fiscal 2019 through OEMs and directly to large global companies,
including Fortune 500 companies, the Company's ability to source
supply with such possible cell performance 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", "potential", "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.