Electrovaya (TSX: EFL) is pleased to announce a $5 million (CDN) contribution from Sustainable Development Technology Canada (SDTC) in support of battery development for plug-in hybrid electric vehicle applications.
Electrovaya is developing its advanced, high energy density Lithium Ion SuperPolymer(R) battery and related systems technologies for a test fleet of plug-in hybrid electric vehicle (PHEV) versions of the Ram 1500 pickup from Chrysler Group"s Ram Truck Brand. The SDTC funding will support the continued development of advanced cells and battery modules, the development of a higher throughput battery cell and module production line, and the lifetime performance validation of battery packs to establish commercial value of spent automotive packs.
"Our government continues to invest in projects that reflect our balanced approach to reducing emissions," said the Honourable Jim Prentice, Minister of the Environment. "This project will create high-quality jobs for Canadians now, and provide us with a healthier environment and sustainable prosperity in the future."
"High energy and power density batteries such as the ones being developed by Electrovaya are widely seen as the key to the commercialization of clean vehicles", said SDTC President and CEO Dr. Vicky Sharpe. "It is through funding during the pre-commercialization stages that Canada can lead the way in getting these technologies to the market faster and benefit from an industry which is poised for exponential growth in the next 10 years."
"Electrovaya is very pleased to partner with SDTC and Chrysler Group for advanced battery solutions that feature both Electrovaya"s proprietary Lithium Ion SuperPolymer(R) battery technology and its unique zero-emission manufacturing process," remarked Dr. Sankar DasGupta, Electrovaya"s CEO and founder. "The strategic support of SDTC was an integral support to Electrovaya"s earlier development of advanced battery solutions for zero-emission fleet vehicle application and for the commercial success that Electrovaya has achieved to date."