Electrovaya Shares Rise on Chrysler Truck Demo

Shares of EFL.TO rose 19 percent as battery system showcased at Washington,D.C. auto show.

Published: 31-Jan-2011

Shares of Electrovaya (EFL.TO) jumped 19 percent, after the Lithium ion-battery maker said Chrysler Group LLC's Ram hybrid trucks equipped with its battery system will be showcased at the Washington D.C. auto show.

"The fact that Chrysler is showcasing this vehicle in D.C. is a very big deal," Wedbush Securities analyst Craig Irwin said.

Irwin said there has been a lot of skepticism about what constitutes Electrovaya's relationship with Chrysler, and this is something that gives absolute clarity on the relationship between the two companies.

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