Electrovaya Inc.

Electrovaya Inc.

November 10, 2014 07:00 ET

Electrovaya Delivers Lithium Ion 2.0 Battery Systems to Walmart Canada

Improved Productivity and Lower Carbon Footprint in the Distribution Industry With the Greenest Lithium Ion Battery

TORONTO, ONTARIO--(Marketwired - Nov. 10, 2014) - Electrovaya Inc. (TSX:EFL) today announced that it is working with Walmart Canada on a number of opportunities to lower its carbon footprint and improve efficiency in the distribution and warehousing industry.

"Walmart had tested the Electrovaya lithium ion 2.0 technology for six months before Electrovaya became an approved vendor and we are very pleased to start supplying Walmart with our batteries to enhance their productivity. Walmart is firmly focussed on efficiency and reduction of the Carbon Footprint and Electrovaya's lithum ion 2.0 technology allows improvements in those areas," said Dr. Sankar Das Gupta, CEO of Electrovaya. "We see a number of applications and value-added opportunities in this industrial sector and working with a sophisticated leader in the industry demonstrates that Electrovaya's products meet and exceed global standards," adds Dr. Das Gupta.

Electrovaya's unique non-toxic manufacturing technology produces a higher performing cell and enables Electrovaya to become the lowest cost producer as well as the greenest manufacturer in this fast emerging industry of electric mobility and energy storage. All conventional lithium ion battery plants use the toxic NMP solvent (n-methyl-pyrrolidone), now suspected of causing birth defects and increasing operating costs, capital costs and future liabilities.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion Super Polymer® 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 and customers around the globe. To learn more about how Electrovaya is powering mobility, please explore www.electrovaya.com.

About Walmart

Walmart Canada operates a growing chain of 391 locations nationwide serving more than one million customers each day, as well as its flagship online store, www.walmart.ca, which is visited by over 400,000 Canadians daily. With 90,000 associates, Walmart is one of Canada's largest employers and is ranked one of Canada's top 10 most influential brands. Walmart Canada is focused on supporting families in need. Since 1994, the Company has donated and raised more than $200 million to Canadian charities and not-for-profit organizations. Additional Company information can be found at walmartcanada.ca, facebook.com/walmartcanada and at www.twitter.com/@walmartcanada.

Forward-Looking Statements

This press release contains forward-looking statements, including statements that relate to, among other things, revenue forecasts, technology development progress, plans for shipment using the Company's next generation 2.0 technology, production plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties", including in particular from pages 37 to 38, as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

Contact Information