TORONTO, ONTARIO--(Marketwire - Sept. 5, 2012) - Electrovaya Inc. (TSX:EFL) today announced that it has acquired 71.6% of the shares of Miljøbil Grenland AS (MBG), bringing Electrovaya's shareholding to 78.1% of MBG. MBG is based in Porsgrunn, Norway.
MBG has invested about US$30 million in lithium ion battery technologies for a range of electric vehicle and other transportation applications. At the time of the acquisition, the controlling automotive OEM made a substantial investment in a non-exclusive IP license to use MBG's technology.
"We are delighted to be adding MBG to the Electrovaya team," says Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "This enables Electrovaya to expand into Europe, acquire a large portfolio of battery patents and other intellectual property, acquire plant and machinery and add a product portfolio which is targeted to the energy storage, marine and electric vehicles market while adding a strong technical team with many years of lithium ion battery systems experience." continues Dr. Das Gupta.
"Europe has been a pioneer in the use of Ethical Products and Green Energy Technology and we believe this resonates perfectly with Electrovaya's proprietary and unique non toxic ethically produced Lithium Ion batteries with superior high energy density." concludes Dr. Das Gupta.
"MBG's excellent technical team and facilities allow Electrovaya to serve European automotive OEMs, utilities, maritime and other customers and support Electrovaya's marketing and technical efforts for these markets." says Paul Hart, Chief Financial Officer of Electrovaya and Chief Executive Officer, MBG. "The MBG acquisition was non-dilutive to Electrovaya's existing shareholders and MBG is essentially free of short term debts, with a good cash position." adds Mr. Hart.
About Miljøbil Grenland, AS:
Miljøbil Grenland AS (MBG) is an technology and engineering company with cutting-edge expertise in energy storage, electric vehicles and proprietary battery technology. The company specializes in development and pilot series production of battery and control systems.
MBG has developed Li-ion battery systems for the automotive industry and is working on new applications for use in electrically powered ferries and other marine transportation applications. MBG was founded in 1997 and is based in Porsgrunn, Norway. To learn more about how MBG is developing Clean Energy technology, please explore www.miljobil.no.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems, and battery-related products for the clean electric transportation, Utility Scale Energy Storage and smart grid power, consumer and healthcare markets. The Company's mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. The Company's other mission is to deliver Utility Scale Energy Storage Systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in the US, and customers around the globe. To learn more about how Electrovaya is powering mobility, please explore www.electrovaya.com.
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