Electrovaya Shares Jump 70% on Chrysler Battery Deal

The contract with Chrysler, as well as LaSorda's new role with the company, are part of Electrovaya's strategy to increasingly focus on the electric vehicle market.

Published: 25-Mar-2010

TORONTO -- Shares in Electrovaya Inc. (TSX:EFL) jumped more than 70 per cent Wednesday after the lithium-ion battery producer officially announced it will supply Chrysler with batteries for a line of demonstration vehicles.

The Toronto-based company's stock price soared 86 cents or 71.1 per cent to $2.07 on the TSX. This followed a gain of more than 12 per cent Monday after it announced that former Chrysler president Tom LaSorda will take on an advisory role with the company and join its board of directors.

Electrovaya will provide Chrysler with 140 batteries for a line of Dodge Ram plug-in hybrid electric vehicles to be used in a demonstration program. The news was part of a broader announcement by Chrysler on Monday that its new Italian management is revising the company's electric vehicle strategy.

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