This is the first of a series of announcements that will be coming from Visionary Vehicles on supplier partnerships. Bricklin's company is trying to establish a supply base with economies of scale that will allow other manufacturers to build vehicles using the same power-trains. Watch for the upcoming interview with Bricklin where we get into more details on his plans. The Electrovaya press release is after the jump.
[Source: Visionary Vehicles]
Malcolm Bricklin's Visionary Vehicles and Electrovaya Join Forces for an Advanced Battery System
Joint Venture will manufacture batteries for VV's line of PHEVs
Detroit, Michigan (January 13, 2008) -- Visionary Vehicles, Inc, a New York based company created to design, manufacture and distribute a full line of plug-in, hybrid electric vehicles (PHEVs) announced today that it has signed a Memorandum of Understanding (MOU) with Ontario based Electrovaya (TSX: EFL). The agreement will result in a Joint Venture to develop, manufacture and provide Electrovaya's lithium-ion superpolymer batteries and battery management systems to Visionary Vehicles for use in its PHEVs.
"We have been reviewing battery manufacturers from United States, to Europe and to 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 demonstrate the viability of plug-in hybrids with advanced battery and motor technologies. Together we plan to make low emission transportation more affordable and more widely available with some of the best science and technology."
The MOU provides for the creation of 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. All capacity from the resulting new organization will be dedicated exclusively to Visionary Vehicle's electric vehicles. The new organization will also dedicate a significant amount of its proceeds to research and development.
The Electrovaya battery is a core component of VV's vehicle strategy and will enable Visionary to bring our vehicles the energy density; long cycle life; long service life; long shelf life; low maintenance in safe environment with no thermal runway.
"Our SuperPolymer technology is based on a lithium ion polymer battery technology. We believe that our SuperPolymer technology will enable us to commercially produce batteries which will provide longer run-times for portable computers, wireless devices, electric vehicle and many alternate energy and mobile power applications," said DasGupta.
"Through this innovative partnership, we will be able to create a new economy scale for our batteries, a barrier that we had to overcome to meet our target MSRP,' continued Bricklin, "Our goal is not just to start Visionary Vehicles it is to compel this new sector industry forward by opening our component strategy and pricing to new entrants."
About Visionary Vehicles
Visionary Vehicles, Inc. was created to design and distribute plug-in hybrid electric vehicles ("PHEVs") in North America and other world market currently not available to the general public. Its vehicles will be designed and engineered to meet or exceed the exacting standards of luxury, performance, quality and safety set by the leading German and Japanese luxury automakers. Visionary Vehicles is working to address the growing and substantial unmet consumer demand for alternative fuel vehicles as a result of growing awareness and concern regarding environmental issues, including the impact of carbon emissions on global warming and the desire for energy independence to promote national security. Visionary Vehicles believes that this demand conservatively translates into a potential market of approximately 2.5 million U.S. consumers in the near-term. The Company was founded by Malcolm Bricklin, the automotive innovator who also founded Subaru of America. Mr. Bricklin currently serves as Chairman and CEO of Visionary. For further information about Visionary Vehicles go to www.vvcars.com.
Electrovaya is a developer and manufacturer of portable power solutions with its propriety Lithium Ion SuperPolymer battery and systems technology. Its goal is to become the preferred provider of clean energy solutions, portable power systems and Lithium Ion Superpolymer batteries. System solutions for mobile applications include: zero emission vehicles, plug-in electric hybrid vehicles, mobile computing (Tablet PCs), solar energy storage, UPS and stand-by power. The company's shares trade on the Toronto Stock Exchange under the symbol EFL. For further information about Electrovaya see www.electrovaya.com.