Evonik Litarion GmbH

Evonik Litarion GmbH

Electrovaya announced that its new, wholly-owned German subsidiary Litarion received a €18.5 million (nearly $21 million) order for lithium-ion battery products from an undisclosed German company in the non-automotive space.

For Electrovaya, those are relatively high values and €2.8 million (over $3.1 million) of the order will be delivered this year.

Maxime Vidricaire, Head of Business Development at Litarion commented:

"As part of our business development activities, we are finding tremendous interest for our lithium ion battery products in Germany and Europe across all business segments including emobility and energy storage. This contract is a strong start to the very large demand for our products across these multiple sectors."

Dr. Andre Mecklenburg, Chief Operating Officer of Litarion said:

"Our products demonstrate unique and leading characteristics including exceptional cycle life, safety and green production process. Furthermore, our state-of-the-art facility provides our products with the highest quality combined with manufacturing scale. These factors enabled us to win this contact, which we are pleased to begin executing."

Electrovaya seems to be pretty happy with its Litarion acquisition from Evonik and believes that using its patented non-toxic manufacturing process will be able to lower costs by up to 50% to  the lowest level in the industry. Probably a large part of future demand is expected from energy storage market.

Here is an interesting presentation with Dr. Sankar Das Gupta, Electrovaya CEO: