http://business.financialpost.com/2010/08/10/8136/

Dundee Securities picked up coverage of Electrovaya Inc., a Mississauga-based battery maker, with a Buy rating, citing technology advantages, its partnership with Chrysler and a strong market in the power storage space.

Eletrovaya does not compete head-to-head with Tesla, exclusively a carmaker, but is focused on the smart grid, consumer and healthcare markets, as well as the transportation sector where it manufactures batteries for Chrysler.

While Electrovaya’s Chrysler partnership is expected to drive initial growth, the company is positioned to benefit from the potentially large market for energy storage.

“The hype surrounding EV’s sometimes overshadows another large market for Electrovaya – energy storage. Some estimates peg this market to actually be larger than EV’s,” said Puneet Malhotra, analyst for Dundee Capital Markets, in a report.