7/30/2019 Electrovaya goes big

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Electrovaya Acquires Majority Shares in European Lithium Ion Battery Company MiljobilGrenland

(Nanowerk News) Electrovaya Inc. today announced that it has acquired 71.6% of the shares of MiljbilGrenland AS (MBG), bringing Electrovaya's shareholding to 78.1% of MBG. MBG is based in Porsgrunn,Norway.

MBG has invested about US$30 million in lithium ion battery technologies for a range of electric vehicleand other transportation applications. At the time of the acquisition, the controlling automotive OEMmade a substantial investment in a non-exclusive IP license to use MBG's technology.

"We are delighted to be adding MBG to the Electrovaya team," says Dr. Sankar Das Gupta, Chief

Executive Officer of Electrovaya. "This enables Electrovaya to expand into Europe, acquire a largeportfolio of battery patents and other intellectual property, acquire plant and machinery and add aproduct portfolio which is targeted to the energy storage, marine and electric vehicles market whileadding a strong technical team with many years of lithium ion battery systems experience." continuesDr. Das Gupta.

"Europe has been a pioneer in the use of Ethical Products and Green Energy Technology and we believethis resonates perfectly with Elect rovaya's proprietary and unique non toxic ethically produced LithiumIon batteries with superior high energy density." concludes Dr. Das Gupta.

"MBG's excellent technical team and facilities allow Electrovaya to serve European automotive OEMs,utilities, maritime and other customers and support Electrovaya's marketing and technical efforts forthese markets." says Paul Hart, Chief Financial Officer of Electrovaya and Chief Executive Officer, MBG."The MBG acquisition was non-dilutive to Electrovaya's existing shareholders and MBG is essentiallyfree of short term debts, with a good cash position." adds Mr. Hart.

About Miljbil Grenland, AS

Miljbil Grenland AS (MBG) is an technology and engineering company with cutt ing-edge expertise inenergy s torage, electric vehicles and proprietary battery technology. The company specializes indevelopment and pilot series production of battery and control systems.

MBG has developed Li-ion battery systems for the automotive industry and is working on newapplications for use in electrically powered ferries and other marine transportation applications. MBGwas founded in 1997 and is based in Porsgrunn, Norway. To learn more about how MBG is developingClean Energy technology, please explore www.miljobil.no.

About Electrovaya Inc.

Electrovaya Inc. designs, develops and manufactures proprietary Lithium Ion SuperPolymer batteries,battery systems, and battery-related products for the clean electric transportation, Utility Scale EnergyStorage and smart grid power, consumer and healthcare markets. The Company's miss ion is to

accelerate clean transportation as a commercial reality with its advanced power system for all classes ofzero-emission electric vehicles and plug-in hybrid electric vehicles. The Company's other mission is todeliver Utility Scale Energy Storage Systems for the highest efficiency in electricity storage, whether theelectricity is generated from intermittent wind and solar power or from other sources. Founded in 1996and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in theUS, and customers around the globe. To learn more about how Electrovaya is powering mobility, please

explore www.electrovaya.com.

Source: Electrovaya (press release)

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7/30/2019 Electrovaya goes big

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Posted: Sep 2nd, 2012

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