Printable VersionElectrovaya Partners on Approx. $7.5 Million Utility Energy Storage Demonstration
Wednesday, February 10, 2010
Toronto, Ontario – February 10, 2010
- Electrovaya Inc. (TSX: EFL) today announced
that it is the energy storage partner for a
utility demonstration project led by CEATI
International Inc., headquartered in Montreal.
Other partners include major utilities and
universities.
The project has
been conditionally approved for partial funding
support from the Government of Canada’s Clean
Energy Fund and final contract negotiations are
underway. The total project cost is estimated
at approximately $7.5 million.
The large-scale,
multi-site, multi-partner initiative will
demonstrate the capabilities, versatility and
economics of utility-scale electricity storage
based on Electrovaya’s modular Lithium Ion
SuperPolymer® battery technology. The
following clean energy challenges will be
addressed:
* Electricity storage for intermittent
renewable energy generation;
* Electricity storage for high-density urban
applications to meet growing new electric
loads; and
* Investigation into
repurposing electric vehicle batteries for
Smart Grid application.
“Energy storage
is poised to become a significant element of
the electric utility landscape, and a key
factor in promoting the growth of renewable and
clean energy alternatives that will promote
energy efficiency and reduce greenhouse gas
emissions", said Alex Mogilevsky, Director of
Operations of CEATI International. "We are
pleased to take part in this highly innovative
and exciting project."
Sankar DasGupta,
CEO of Electrovaya added, “We are excited to
partner on a very important and strategic
challenge: a cleaner electric grid. This is
made possible by using advanced batteries to
enable more efficient transmission and usage of
renewable energy. This project will demonstrate
the capabilities, versatility and economics of
utility-scale electricity storage using
advanced Lithium Ion SuperPolymer® battery
technology similar to what we have developed
for electric vehicle applications.” He
continued, “This emerging market holds
tremendous opportunity for Electrovaya.
According to industry experts, spending on the
global energy storage market is expected to
exceed $600 billion over the next 10-12
years.”
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 transportation, 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. 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.