21 Oct :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(R) 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(R) batteries used in the electric cars.
In addition to manufacturing state-of-the-art Lithium Ion SuperPolymer(R) 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.
"Electrovaya has been developing high energy density lithium ion Superpolymer(R) batteries for zero emission electric vehicles and we are delighted to partner with Tata Motors and Miljo and be the enabling technology necessary for Clean Transportation and Electric cars," says Dr. Sankar Das Gupta, Chairman and CEO, Electrovaya.