Electrovaya Aims For High Revenue Growth; Sees Profit Coming in 2014

4 years ago by Mark Kane 11

Electrovaya

Electrovaya

Lithium Ion SuperPolymer® 2.0 Cell

Lithium Ion SuperPolymer® 2.0 Cell

Electrovaya, a small lithium-ion battery manufacturer based in Ontario, Canada, sees increasing market demand after a period of low revenues associated with development of its “next generation 2.0 technology“:

For the last several quarters, Electrovaya has been completing the development of the next generation 2.0 technology. While this has temporarily impacted its quarterly revenue, the development of the next generation 2.0 technology continued during the current quarter and shipments are now expected to ramp up this month.  Based on current orders, the sales pipeline, general business conditions in the Lithium Ion energy storage markets and anticipated delivery schedules:
  • Electrovaya expects to generate revenues in the range of $700K to $1.0 million in the remaining weeks of the quarter ending September 30th.
  • Revenues exceeding $15 million are expected in calendar year 2014 and the growth and momentum should continue in calendar year 2015.
Revenue for the quarter ending June 30, 2013 was only $139,000, so Electrovaya is obviously predicting relatively high growth ahead.

Anyways, according to financial reports, profitability will come for Electrovaya hopefully by next year.

Financial data

Financial data

The Canadian company is currently delivering batteries to whole bunch of markets, including automotive, electric marine transportation, replacement of diesel generators by clean electric power, strategic portable power, smart grid enabled distributed energy storage systems and grid scale energy storage systems.

However, we are mostly interested in automotive, where Electrovaya seems to have some new customers in China:

“In the automotive and clean transportation market, Electrovaya’s battery has been integrated in to the previously announced electric vehicle project in China. Road trials have commenced. Additional systems are expected to be shipped in the next 10-12 weeks. Electrovaya is discussing other opportunities in the electric vehicl e market with a number of global automotive companies.”

Electrovaya is supplying li-ion battery energy systems for an electric ferry application in Norway:

“In the marine transportation sector, Electrovaya had earlier announced that its Lithium Ion battery energy system will be replacing a diesel powered motor for an electric ferry application in Norway. Electrovaya’s system is expected to be delivered this quarter and the electric ferry is expected to undergo sea trials by September 2013. The demand for clean marine transportation is particularly strong in Scandinavia and this will be one of the first electric ferries in the world.”

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11 responses to "Electrovaya Aims For High Revenue Growth; Sees Profit Coming in 2014"

  1. Chris O says:

    If they want to be relevant for EV production there is two things that matter in particular: energy density and price. Tesla get 250WH/KG and probably ~$175/KWH at the cell level so the question is: is Electrovaya’s lithiumpolymer anywhere near that?

    1. kdawg says:

      Power density is also important. Other important things are robustness in regards to the number of life-cycles and temperature tolerance.

      1. Chris O says:

        Powerdensity’s relevancy is inversely related to the size of the pack. For Tesla it’s not that important, they use big packs. For everyone else it’s very important because they use small packs.

  2. Dan Frederiksen says:

    I assume that like the other nitwit battery makes, if a company contacts them in order to buy some of their cells that they will refuse to sell them any.
    As crazy moronic as that sounds, that’s what battery makers do.

    1. Aaron says:

      You’re talking about the unwillingness of some battery companies (Ovonics?) to supply consumers with small(-ish) quantities of battery for projects, such as EV conversions. Not all battery manufacturers do this. I can buy 18650 cells from Panasonic (the same cells used in the Teslas) in quantities of one, though obviously it will be less expensive to buy in bulk.

      1. Dan Frederiksen says:

        No I mean A123 and Enerdel and LGchem’s unwillingness to sell thousands of cells to small businesses.
        You can contact A123 and say you would like to buy 1000 20Ah cells as a business and they wont let you. You wont even get a price.
        It’s unclear exactly what malfunctions in their heads but it’s a lot.

        They recently started a hobby site where they will allow you to fornicate with a red hot poker. There you can buy their cells for only 3.5x the price.
        buya123batteries.com
        On A123’s site there is a ‘tell us about your application’ button. That’s their attitude. If your application somehow meets their approval you might get a price. Your applications wont meet their approval 🙂
        That the idiots went bankrupt because they consistently refuse sales did not in any way faze them..
        If you were a new Tesla Motors wanting their cells you probably couldn’t get them. It’s that stupid.
        And I have exchanged emails with Bill Mitchel who is head of marketing and business development. There is just nobody home. They just don’t see it.
        I imagine it’s something to do with only wanting ultra big customers like GM and they don’t see the value of having thousands of smaller customers that could each grow to be bigger customers than GM.

        Einstein bitterly remarked that only human stupidity is infinite. This is what he meant.
        I even exchanged emails with wanxiang who now owns A123 in the hope that they wouldn’t be super idiots as well and would order A123 to be reasonable. He contacted A123 but after a couple of iterations where I told him they still refuse to sell the cells he just told himself that it was because I was unreasonable about the price. Just unbelievably incompetent at all levels… God give me strength to suffer these super morons.

        1. Rick Danger says:

          There are several conversion houses in the US converting gas guzzlers to EVs. Sure, OEMs make a few EVs for sale; slow, small, awkward-looking, maybe not enough range, etc. If you want a Miata EV with, say, 120 miles of range, you’re either going to have to DIY or go to one of the conversion shops to have it done. The conversion shops should be able to buy batteries from A123 or other non-OEM battery makers, and let’s be honest – how many A123 batteries did Fisker use to only make 2000 cars? How many does GM use to make a few hundred Sparks?

          It’s hard to believe that these people could have their heads so far up their asses that they would turn away steady business when they’re trying to gain a foothold in the market.

          1. Dan Frederiksen says:

            I know it’s hard to believe. But still true.
            Same as ET cultures have been visiting earth for millions of years and it has been covered up globally since at least 1940. Still true.
            And 9/11 was an inside job. And the Iraq war was based on obvious lies resulting in the murder of a million people.

            Behold I send you out as sheep amidst the wolves. Be ye therefore wise as serpents and harmless as doves.

            1. David Stone says:

              Okay Dan, now you are getting scary.

              As real as the possibility of 9/11 being an inside job is, along with a planned war, seeing as high level government types and their oily bedmates are long know to be less than humanitarian, et visits are not.

              Besides the improbability due to the size of the universe and the tiny proportion of life-sustaining planets and besides the extreme difficulty for another civilisation to actually find us, it is even more than unlikely that ALL of them would observer the fictional prime directive.
              And any of them did not, they would be common knowledge as any race with the ability to travel such a distance would unlikely have need of subterfuge.

              And the quote smacks of religious fanatacism, though admittedly could be only there for effect.

        2. Michael W. says:

          Dan,

          A123 at one time sold cells, not sure where they stand currently on availability. LG being a huge player its 100% understandable their focus on large opportunities. Enerdel has made cells and even more intriguing their modules available through several channels like EVolve Electrics, Elithion, and Lightning Motorcycles.

  3. Ib Olsen says:

    EnerDel sells small quantity cells directly to end users through Evolve Electric (http://evolveelectrics.com/) – you can even buy them directly off their website…