Electrovaya Teams with Bricklin's Visionary Vehicles

The MOU provides for the creation of a Joint Venture that will establish a stand-alone Company, to be owned by both firms equally, to develop and manufacture batteries and battery management systems.

Published: 15-Jan-2008

Electrovaya (TSX:EFL) announced today that it has signed a non-binding Memorandum of Understanding (MOU) with New York based Visionary Vehicles (VV) to produce batteries for VV's full line of plug-in hybrid vehicles (PHEVs). The agreement will result in a Joint Venture to develop, manufacture and provide Electrovaya's Lithium-Ion SuperPolymer(R) batteries and intelligent battery management systems to Visionary Vehicles for use in its PHEVs.

"We have been reviewing battery manufacturers from the United States, Europe and Asia for 14 months," said Visionary Vehicles Founder, Chairman and CEO Malcolm Bricklin. "We are thrilled to have found Electrovaya and we are excited to enter into a long-term strategic partnership with them. This is a complex new terrain and the methodology and science that Electrovaya has developed stands apart from others."

Dr. Sankar DasGupta, CEO of Electrovaya said, "Electrovaya looks forward to working with Malcolm and Visionary Vehicles to commercialize of plug-in hybrids with advanced battery and motor technologies. Together we plan to make low emission transportation affordable and widely available."

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