It's not just the US government that is handing out money to companies involved in advanced battery development. The government of Ontario has decided to put up to $16.7 million into Electrovaya. The company is based in Mississauga, just west of Toronto. The money will be used to further the company's research efforts and help them move toward commercialization of the technology. Electrovaya is developing what it calls a lithium SuperPolymer battery platform. The company's focus is on some of the underlying principles of the cell construction rather than specific chemistry. The idea is to make the system adaptable to evolving chemistries as well as different applications such as hybrids or battery EVs. The Canadian investment follows on the heels of $2.4 billion in grants from the U.S. government for battery research and manufacturing in the U.S.
[Source: Electrovaya]

Ontario's Premier McGuinty visits Electrovaya and Announces an Investment of Up to $16.7 million

Toronto, Ontario – August 5th, 2009 – Electrovaya Inc. (TSX: EFL) announced that Ontario's Premier Dalton McGuinty, along with members of his caucus, visited Electrovaya yesterday and announced an investment of up to $16.7 million to support battery research and pre-commercialization activities at Electrovaya.

The Premier mentioned, "Ontario has the skilled workforce, the positive investment climate and the commitment to innovation to transform new ideas into jobs for Ontario families. Together we can develop new and sustainable products that we can market to the world."

"We're proud to support a globally competitive technology that creates jobs in right here in Mississauga. By putting more electric vehicles on our roads we can help reduce emissions and protect our sensitive environment for future generations." said Charles Sousa, MPP Mississauga South

"The support from the Government of Ontario allows us to accelerate our growth plans and bring our technology to market sooner. We are excited to be adding to our team and increasing our innovation and technology capabilities in Mississauga." said Dr. Sankar Das Gupta, CEO of Electrovaya.

About Electrovaya Inc.

Electrovaya (TSX: EFL) is a developer and manufacturer of portable power solutions with its proprietary Lithium Ion SuperPolymer® battery technology. Its goal is to become the preferred provider of portable power for aerospace, defence and wireless sectors, and the developer of alternative energy applications including UPS, stand-by power, plug-in hybrids and Zero-Emission Vehicle. The Company's shares trade on the Toronto Stock Exchange under the symbol EFL.

Share This Photo X