Electrovaya Inc.

TSX : EFL


Electrovaya Inc.

April 18, 2013 07:00 ET

World's First All-Electric Car Ferry Powered by Electrovaya's Lithium Ion Superpolymer®2.0 Battery

Emerging Fast Growing Demand for Green Maritime Transportation

TORONTO, ONTARIO--(Marketwired - April 18, 2013) -

Editors Note: There is a photo associated with this press release.

Electrovaya (TSX:EFL) today announced that it has secured, in conjunction with its subsidiary, Miljøbil Grenland AS (Miljøbil) in Norway, an order for a large Lithium Ion battery system for the "Hisarøy" Electric Ferry. The Ferry will be battery-powered by Electrovaya and operate as part of the county road between Mjånes and Hisarøy in Gulen municipality in Norway. This is a newly established car ferry route that will connect Hisarøy with the rest of Gulen municipality.

The Battery Electric Ferry can save up to approximately 180,750 liters of fuel consumption over its expected lifetime. That has a potential to save about 500 tonnes of emissions; 480 tonnes of CO2, 9 tonnes of Particulate Matter and Volatile Organic Compounds, 2 tonnes of Carbon monoxide and 2 tonnes of other type of emissions.

Electrovaya's SuperPolymer®2.0 battery system provides excellent performance and reliability with an exceptionally small on-board footprint. Following integrated design engineering and construction for the ferry company Wergeland AS by the consortia of Electrovaya, HAFS Elektro & Rør AS, Solund Verft AS, the electric ferry will be operational by late 2013.

The Ferry will operate approximately 10 round-trips per day between the mainland and the adjacent island, a round trip distance of about 1.6 kilometers. Electrovaya's on-board Lithium Ion battery will be opportunity-charged on the island between the round trips.

"Since the acquisition of Miljøbil in August, 2012, we have been developing a strategy to enter the maritime sector not only in Norway, but globally," said Paul L. Hart, Chief Financial Officer of Electrovaya. "The Norwegian market is expected to grow as the government has set a target to reduce the country's emissions by two thirds by 2030 and vessel companies are looking for energy-efficient propulsion systems. We believe Electrovaya will be leaders in this new business sector due to our high-energy density battery systems, toxic-free manufacturing process and our strong focus on system design & safety."

"We are delighted to be working with Electrovaya and Miljøbil Grenland," says Svein-Tore Eide, General Manager of Solund Verft AS, the ship building company responsible for the project. "This will be the first electric cable and road ferry in Norway, and there is another ferry project under discussion," Mr Eide continues, "Our customer, Wergeland AS, also currently operates a diesel driven cable ferry between Duesundøy and Masfjordnes and this ferry is targeted for conversion to electric in the near future." Mr. Eide says, "We selected Electrovaya due to its in-depth understanding of the energy storage system market, its high level of assistance during the design phase and its leading-edge technology." Mr. Eide concludes, "We are excited about the opportunity to partner with Electrovaya and Miljøbil on future opportunities in Norway and elsewhere."

About Electrovaya Inc:

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer®2.0 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 facilities in Canada, Norway 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.

About Solund Verft AS:

Solund Verft AS is a privately owned shipyard in western Norway just north of Bergen, and builds ferries, fishing vessels, coastal freighters, well Boats, Barges, boats and various specialized vessels. It has very good local relationships with ship-owners, constructors and yards, and many subcontractors have local ties and address in the county. Its facilities include a dock with a "Syncrolift" ship lift system with a capacity 1000 tons for building and dry-docking boats on land. The Yard is capable of building and servicing boats of up to 75 metres in length at shore. The Yard has also recently built a ship hall for indoor work.

To learn more about Solund Verft AS, please see www.solundverft.no.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to, among other things, the Company's objectives, goals, strategies, intentions, plans, 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", 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.

To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20130417-CableFerry.jpg.

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