Electrovaya (Toronto:EFL) more than doubled its revenues in the fiscal year ended September 30 – to $10.3 million over the previous fiscal year – as the lithium ion battery firm’s accounts receivable increased to $2.7 million, more than double the September 30, 2010 figure.
Total working capital increased to $6.8 million.
Electrovaya specializes in SuperPolymer brand lithium ion batteries, and notes that throughout 2011, it continued to provide battery packs for the three-year, DoE-supported, nationwide Ram plug-in hybrid electric vehicle demonstration program with Chrysler. The Ram PHEVs have a 12-kilowatt-hour SuperPolymer battery packs.
A Chrysler Minivan Too
In June, 2011, Electrovaya announced its selection as a battery and battery integration supplier to Chrysler for its Town & Country Minivan plug-in hybrid electric vehicle, also to be demonstrated with DoE support.
The system design includes Electrovaya’s SuperPolymer cells along with an iBMS – intelligent Battery management system – and associated thermal, mechanical and power electrical subsystems.
Electrovaya also powers 100% battery scooters by Hero Electric.
“During fiscal 2011, we established ourselves as leading participants in key markets: the clean transportation indus-try and the large scale energy storage market,” Electrovaya chairman and CEO Dr. Sankar Das Gupta said in a release.
Electrovaya’s non-toxic manufacturing process “is becoming recognized as a vital technology for producing lithium ion batteries and we continue to explore licensing and joint venture agreements with key global partners,” Das Gupta said.
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