Multiple battery models allow vast majority of distribution
centers to replace all lead acid batteries in their forklift fleets
with lithium ion batteries
TORONTO, June 11, 2019 /PRNewswire/ - Electrovaya Inc.
("Electrovaya" or the "Company") (TSX: EFL; OTCQX: EFLVF) today
announced that it has launched more than 25 different lithium ion
ceramic battery models for the electric forklift market. This
accelerated development was carried out over the last 20 months
after the initial launch of just two battery models in 2017. The
Company is now able to provide complete battery motive power
solutions for the vast majority of warehouse
configurations.
The batteries currently available include 24V, 36V, 48V and most
recently 80V in energy capacities ranging from 6 kWh to 63 kWh. The
battery systems are available in different shapes and sizes to meet
a multitude of Class I, II and III forklift truck models from
various manufacturers. The batteries can also be digitally
integrated with a variety of electric forklift trucks.
The users of Electrovaya's batteries are primarily large,
sophisticated customers in diverse sectors including automotive and
other manufacturing, e-commerce, distribution and warehousing.
By eliminating lead acid batteries from their forklift fleets
and replacing them with Electrovaya's lithium ion batteries,
distribution centres can:
- Reduce manpower through the removal of lead acid battery
changes and maintenance
- Eliminate lead acid battery charging rooms
- Reduce gas handling, ventilation and acid spills from lead acid
batteries
- Remove any need to keep environmental records on lead batteries
in inventory
- Reduce the number of chargers
- Improve their environmental footprint through reduced energy
consumption and through the ability to charge during off-peak
hours
Electrovaya's lithium ion ceramic batteries are currently
operating in 23 locations, including 20 in the United States, two in Canada and one in Mexico. The Company's batteries are known for
their superior cycle life, safety, energy and power attributes,
which are vital for electric forklifts and other intensive-use
applications.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs,
develops and manufactures proprietary lithium ion batteries,
battery systems, and battery-related products for energy storage,
clean electric transportation and other specialized applications.
Electrovaya is a technology focused company with extensive IP.
Headquartered in Ontario, Canada,
Electrovaya has production facilities in Canada with customers around the globe.
To learn more about how Electrovaya is powering mobility and
energy storage, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements that relate to, among other things, the
potential realization of revenue from the electric forklift market,
anticipated increased collaboration with forklift users and
forklift manufacturers, the Company's ability to provide
complete energy solutions for the vast majority of warehouse
configurations and to enable customers to achieve the benefits of
discontinuing use of lead acid batters from their forklift fleets,
the Company's ability to source supply to satisfy demand for its
products and satisfy current order volume, 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",
"possible", "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:
that current customers will continue to make and increase orders
for the Company's products, and that the Company's alternate supply
chain will be adequate to replace material supply and
manufacturing. 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 Annual Information Form for the year ended
September 30, 2018 under "Risk
Factors", and in the Company's most recent annual and interim
Management's Discussion and Analysis under "Qualitative and
Quantitative Disclosures about 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.
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SOURCE Electrovaya Inc.
