Electrovaya Reports Revenue Growth Of 1400 %
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.
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.