Electrovaya (TSX:EFL) designs, develops and manufactures lithium-ion batteries and systems for materials handling electric vehicles and other electric transportation applications, as well for electric stationary storage and other battery markets. The company’s main businesses include lithium-ion batteries to power vehicles as well as accessories such as battery chargers to charge the batteries.
Electrovaya also sells electromotive power products for electric trucks, electric buses, and other transportation applications and industrial products for energy storage. The company’s geographical focus is North America which works well as the market is both large and diverse in this sector.
A unique combination of battery characteristics
Electrovaya has a team of mechanical, electrical, electrochemical, materials science, battery, and system engineers able to provide solutions to clients in the energy and power industries. The company also has substantive intellectual property in the lithium-ion battery sector. Electrovaya’s battery and battery systems contain a unique combination of characteristics that enable it to offer battery and energy solutions that are competitive with currently available advanced lithium-ion and non-lithium-ion battery technologies.
Desirable battery characteristics in Electrovaya’s products include special features in safety and cycle life. The company’s cells are at the forefront of battery manufacturers with respect to cycle life, with excellent rate capabilities. Higher cycle life is critical and necessary in many intensive applications such as energy storage and of important value to less intensive applications such as e-passenger cars.
Further, Electrovaya’s technology focus is optimised to provide batteries of superior energy density, packing density high power, and fast charging capabilities. The company’s latest generation battery management system has developed over the years and provides excellent control and monitoring of the battery with advanced features as well as communication to chargers and electric vehicles.
During the last three years, Electrovaya has developed advanced lithium-ion battery systems with integrated battery management, principally for the electro-mobility industry. The company has developed over 30 models for the electric forklift market and received purchase orders from multiple Fortune 1000 companies.
Scalable business model
Recently, Electrovaya received a contract from Sustainable Development Technology Canada for assistance in developing a high voltage large battery for electric buses. The company also sells products into both the replacement market as well as into the new-vehicle market. It is also developing and marketing cells and modules for energy storage and green electro-mobility vehicles.
Also, the company shifted Electrovaya’s strategy from manufacturing subcomponents in-house to a scalable model using contract manufacturing. As part of this shift, the company developed robust and scalable supply chains which can produce needed components including separators, electrolytes with appropriate additives, cells and cell assembly, modules, electronic boards, electrical and mechanical components as needed for the company’s battery systems.
Global trends and future outlook
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