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Electrovaya (TSX:EFL) today announced it is partnering with Tata Motors and Miljo Grenland/Innovasjon to manufacture batteries and electric cars in Norway, beginning 2009, using Electrovaya's proprietary and award winning Lithium Ion SuperPolymer® battery technology.
Tata Motors' UK subsidiary, Tata Motors European Technical Centre plc, holds 50.3% of the equity of Miljo.
As its technology partner, Electrovaya receives equity in Miljo, a technology license fee and a royalty based on the value of its proprietary Lithium Ion SuperPolymer® batteries used in the electric cars.
In addition to manufacturing state-of-the-art Lithium Ion SuperPolymer® batteries and the development of related technologies, Miljo will produce electric vehicles based on Tata Motors' products. The first such vehicle will be the Indica EV, which is scheduled for launch in Europe during 2009. The Indica EV will be a practical option for the consumer: capable of carrying 4 people, adequate luggage space, with a predicted range of up to 200 km and acceleration of 0-60 kmph in under 10 seconds.
About Electrovaya Inc.
Electrovaya (TSX:EFL) is a world leader in the design, development and manufacture of its proprietary Lithium Ion SuperPolymer® battery systems. Electrovaya's mission is to accelerate clean transportation as a commercial reality with its advanced power systems for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. Electrovaya also offers battery-related consumer products primarily focused on the healthcare market.
This news release may contain forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the Company's business and results of operations. Risks are outlined in the Company's MD&A for the quarter ending June 30, 2008 and are set forth in public disclosure documents filed with Canadian regulatory authorities. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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