After Electrovaya acquired Evonik Litarion in Germany, revenues surged to $6 million making the second quarter of 2015 the company's strongest quarter in a long time.
With two more quarters to go, year 2015 could be the best since at least 2010 for Electrovaya, although it's still too early to note profits (net loss for the period after taxes stands at nearly $1.7 million).
In early July, Electrovaya announced order for anodes and cathodes to Leclanch for a 4.2 kWh battery system for the world's largest electric ferry in Denmark.
There is not much news on batteries for cars, but we hope there will be some new projects too.
"Our 100% owned German acquisition is a remarkable asset with technology and engineering depth that combines beautifully with Electrovaya's patented, non-toxic production processes. Electrovaya now has the technology and manufacturing capacity to become the world leader in clean Lithium Ion energy storage solutions".
Electrovaya Q2 report:
"Electrovaya's combination of patented Canadian and German technology should surpass leading global lithium ion competitors in the following ways:
Electrovaya now owns Europe's largest Lithium Ion electrodes and separators manufacturing plant through the Company's recent acquisition of Litarion. The plant will supply Europe's increasing demand across the Smart Grid, Motive Power, Automotive and Battery Component markets.
- Unique non-toxic manufacturing;
- Considerably lower manufacturing costs due to non-toxic production and reduction in energy consumption;
- World leading Lithium Ion Cycle Life; 9000 cycles at 1C charge/discharge at 100% DoD – which is almost double the cycle life of major competing products (NMC and graphite electrodes); and
- Superior safety from proprietary ceramic composite separators.
- Q3 2015 revenue was $6.0 million, over 900% growth as compared the pre-acquisition Q2 2015 revenue of $0.6 million
- Adjusted EBITDA1 was negative $0.8 million for Q3 2015, as compared to pre-acquisition Q2 2015 of negative $1.1 million
- Q3 2015 Cash and Cash Equivalents totaled $3.2 million as compared to pre-acquisition Q2 2015 of $0.7 million
- $9.2 million comprehensive gain on Litarion acquisition"