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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