Electrovaya and Sumitomo Corporation Power & Mobility Enter into Supply Agreement for Electrovaya Lithium Ion Battery Products.
Electrovaya Inc. (“Electrovaya” or the “Company”)(NASDAQ: ELVA; TSX: ELVA), a lithium ion battery technology and manufacturing company, today announced the establishment of a Supply Agreement with Sumitomo Corporation Power & Mobility (“SCPM”), a 100% subsidiary of Sumitomo Corporation (TYO: 8053). The Supply Agreement will initially cover the supply of battery modules to leading Japanese construction equipment manufacturers. The Supply Agreement will also be used for any subsequent contracts. Together, the partners have begun introducing Electrovaya battery products to multiple OEMs and potential customers, primarily in the Asia-Pacific region.
SCPM, said:
We are excited to work with Electrovaya who has unique and specific character of Lithium Ion Battery products. We are ready to work together for our future growth with Electrovaya.
Dr. Raj DasGupta, CEO of Electrovaya, said:
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We are very pleased with the growing relationship with Sumitomo Corporation Power and Mobility and are excited about the opportunities that we are jointly working towards.
“We believe that our competitive advantages with respect to safety and cycle life continue to provide a key benefit for heavy duty electrified applications. SCPM is well connected to major OEMs and customers and we believe the relationship greatly enhances the Company’s sales reach and ability to serve these large market opportunities.”
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Electrovaya and Sumitomo Corporation Power & Mobility Enter into Supply Agreement for Electrovaya Lithium Ion Battery Products. source
