Electrovaya Reports Revenue Growth Of 1400 %

3 years ago by Mark Kane 8

Electrovaya Cell

Electrovaya Cell

Electrovaya

Electrovaya

Battery manufacturer Electrovaya, supplier of lithium-ion batteries for Dongfeng Motors, announced that revenues in the quarter ending June 30 amounted to $2.131 million. Thanks to a low base, this is 1,400% more than in 2013.

Electrovaya seems to ramping-up production after $1.835 million revenues in Q1, however net losses for the first half of the year was $2.627 million ($1.295 million and $1.332 million respectively).

A year ago, Electrovaya expected that in 2014 will reach revenues of $15 million, so in the next two quarters on average it must sell batteries for more than $5 million.

We are curious if the Dongfeng Motors partnership will help Electrovaya develop business in the field of electric vehicles.

Business Highlights:
Electrovaya’s next generation 2.0 technology, with its unique non-toxic manufacturing process should have an excellent competitive advantage over manufacturers using toxic NMP solvents. Good progress is being made in a number of important verticals including:

  • Automotive: Electrovaya delivered additional battery systems to Dongfeng Motors, one of China’s largest automotive companies, for their electric vehicle program.
  • Smart Grid Vertical: Scottish Southern Energy Power Distribution: this project allows the development of distributed power for a Smart City program and this application could be of interest to numerous utilities.
  • Retail & Distribution Industry: Electrovaya expects good growth in this vertical and is following up on additional opportunities. Electrovaya is now a registered vendor to a Fortune 10 Company.
  • Mining: Replacement or reduction of diesel usage is of great interest to the mining sector and Electrovaya expects to deliver its first system to a Fortune 20 Company by the end of December 2014.
  • Solar Energy and Wind: Energy Storage should grow and discussions are ongoing with a number of potential customers.
  • Marine: World’s first all-electric ferry has successfully completed over 10 months of daily operations. In June, Electrovaya was a speaker and exhibitor at a large marine exposition in Europe. We expect this vertical to grow substantially.

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8 responses to "Electrovaya Reports Revenue Growth Of 1400 %"

  1. Mint says:

    Electrovaya has very good cell technology:
    -about 200 Wh/kg
    -10k cycles (50% DoD) before capacity degrades to 80%
    -10C pulse discharge

    Panasonic is a bit better on the first point, but I don’t know if they can match the last two.

    Cost, of course, is the million dollar question. But since it’s lithium-manganese as opposed to needing cobalt and nickel, it could have a lower long term cost floor.

  2. Cavaron says:

    Anyone else experiencing a strange shell-ad popping up in every article on this site highlighting a word in the text like “energy” or “ressources” and opening a banner down below? Could be some adware-script on the webserver…

    1. basementman says:

      Perhaps insideevs signed a deal with AdChoices to generate some additional revenue….off of us freeloaders…

      1. Jay Cole says:

        Yupe those are legit and appear occasionally.

        Paris Motor Show is in October (still trying to keep our streak of being at every major autoshow going, lol)…only one way to pay for the plane tickets and hotel, (=

        1. basementman says:

          Jay, you are shattering the illusion that you are independently wealthy 😉

        2. Cavaron says:

          But… but… Shell is an Oil company…

  3. Bou says:

    They say their production cost is lower because of their toxic free manufacturing + lately they’ve collaborated on a low cost, small weight design (Ev lite project). All seems good, but not always the good ideas that surface.
    @ Cavaron – adblocker plus works great

    1. Cavaron says:

      Reading on iPad mostly…