Saturday, December 25, 2010

Battery Maker Electrovaya Gets $5M in Financing

Electrovaya Inc.(TSX:EFL)completed a financing for Cdn $5 million ($USD4.9 million). The funding is in consideration of a 6% secured promissory note in the aggregate principal amount of Cdn $5 million and 500,000 common share purchase warrants issued to the lender.

"This financing provides valuable working capital for future growth, including certain strategic initiatives and enables us to further expand our existing manufacturing capabilities through increased automation" says Dr. Sankar Das Gupta, Chairman and CEO. "The increase in manufacturing capacity is important as we continue to grow and address new opportunities in the clean transportation and stationary energy-storage markets."

Electrovaya also announced that the Company's Board of Directors has approved the formation of an Office of the Chairman. Lead directors Thomas W. LaSorda, Clarence J. Chandran, and Dr. Bejoy Das Gupta join Dr. Sankar Das Gupta, Chairman of the Board and Chief Executive Officer, in the newly created office.

"As the global growth in lithium ion batteries for transportation and energy storage applications accelerates, the Office of the Chairman will focus and build on the opportunities for Electrovaya through joint ventures, licensing, strategic investors and partnerships across the industries of electric transportation, utility scale grid energy storage and consumer electronics," commented Dr. Sankar Das Gupta. "Electrovaya's highly differentiated and proprietary Lithium Ion SuperPolymer battery technology, with its clean manufacturing technology, is receiving increasing attention from corporations across the globe. We are delighted that our three directors, in their expanded roles, have joined this Office to focus Electrovaya's efforts."

A co-founder of the company, Electrovaya's CEO, Dr. Sankar Das Gupta, has served as Chairman of the Board of Directors since April 1999. Mr. Thomas W. LaSorda, formerly the Chief Executive Officer and Board member of Chrysler Group, joined Electrovaya in March 2010 as a member of the Board Directors and Special Advisor to the CEO. Mr. Clarence J. Chandran, formerly the Chief Operating Officer of Nortel, joined Electrovaya's Board of Directors in August 2010. Dr. Bejoy Das Gupta, joined Electrovaya's Board of Directors in March, 1999, and is Deputy Director of the AsiaPacific Department of the Institute of International Finance, a global association of financial institutions based in Washington, DC.

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