Electrovaya Signs Contract With a NYSE Fortune 1000 Company for the Design and Development of Lithium-Ion Batteries for a Range of Electro-Mobility Products

Electrovaya Inc. is pleased to announce it has signed a Service Agreement with a NYSE Fortune 1000 OEM (Original Equipment Manufacturer) for the design, development and manufacture of battery modules for a range of the OEM's electro-mobility products. The project commences immediately and will progress through 2017 with large volume commercial production starting in late 2017. The initial Purchase Order for the development contract has been received by Electrovaya. This is the second NYSE listed Fortune 1000 Company that has chosen to work with Electrovaya's batteries.

Electrovaya's technology and products are uniquely suited to this speciality subsector in electric-mobility, as it meets two of the critical performance parameters needed from Lithium-Ion batteries. They are; to achieve the highest level of safety and highest cycle life, both uniquely available from Electrovaya.

"This represents an exciting new application based around our Lithium-ion cell and module products," said Dr. Rajshekar Das Gupta, VP, Business Development Electrovaya. "This Service Agreement takes us into a new business sector, where there is a need for rapid transformation from diesel or lead acid powered products to Lithium-ion battery power. We are especially pleased to work with the US based global leader in this sector," added Dr. Das Gupta.