Distribution Center is fully operational with all Electric Lift Trucks powered by Electrovaya’s Lithium Ion batteries
TORONTO, July 25, 2018 (GLOBE NEWSWIRE) -- Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:EFL) (OTCQX:EFLVF), today reported the completion of the delivery and commissioning of Electrovaya batteries to a Walmart Canada distribution center fulfilling the previously announced purchase order. This marks a major milestone for Electrovaya and the Materials Handling Industry, as this site represents one of the largest lithium ion installations at a distribution centre in North America. Currently all material handling electric vehicles (MHEV) at this distribution center are powered by Electrovaya’s Lithium Ion batteries.
Electrovaya is focused on producing lithium ion battery systems for the Materials Handling Electric Vehicle (MHEV) sector, an expanding market opportunity. Electrovaya produces batteries for newly-manufactured electric trucks and replacement batteries for existing fleets currently powered by lead acid batteries. Electrovaya is a leading provider of lithium ion batteries for the lift truck market in North America and customers include industrial electric vehicle dealers, manufacturers and end users.
For more information, please contact:
Peter Koven
Bay Street Communications
Telephone: 1.647.496.7857
Email: peterkoven@baystreetcommunications.com
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers.
To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things the future direction of the Company’s business and products, the Company’s ability to source supply to satisfy demand for its products and satisfy current order volume, revenue forecasts, ,anticipated orders and deliveries in CY2018 and beyond, demand for the Company's products, technology development progress, pre-launch plans, plans for product development, plans to work with OEMs, plans to sell directly to user, plans for shipment using the Company’s 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”, "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. Material assumptions used to develop forward-looking information in this news release include, among other things, that current customers will continue to make and increase orders for the Company’s products, that the Company’s alternate supply chain will be adequate to replace material supply and manufacturing, that the Company’s interpretation of the effect of any comfort given to Litarion’s auditors of the Company’s financial support for Litarion’s operations is correct, and that Litarion’s insolvency process will proceed in an orderly fashion that will satisfy Litarion’s debt without a significant negative effect on the Company or its assets. Important factors that could cause actual results to differ materially from expectations include but are not limited to: actions taken by creditors and remedies granted by German courts in the Litarion insolvency proceedings and their effect on the Company’s business and assets, negative reactions of the Company’s existing customers to Litarion’s insolvency process, the ability to sell the Company’s premises or to do so at a price reflecting appropriate value, 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 (“AIF”) for the year ended September 30, 2017 and 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.