The lithium-ion battery technology firm Electrovaya has signed a letter of intent with a top residential energy storage firm for the delivery of up to €199 million in battery modules over a 3 year period, according to a new press release.
A separate press release also revealed that Electrovaya’s subsidiary Litarion recently signed a memorandum of understanding with a top Global Original Equipment Manufacturer (OEM) operating in Europe and Asia for the delivery of around €11 million in lithium-ion battery cells for use in electric buses in 2017.
Deliveries for the Litarion deal are expected to start in Quarter 4 of 2016. The memorandum of understanding (MoU) that was signed lays out the specifics of lithium-ion cell pricing, sizing, and energy capacity for the cells that will be delivered.
“We are pleased with this MoU, as this was achieved through intensive testing and validation against intense global competition,” commented Fritz Mueller, Head of European Sales. “We believe, we will become a major supplier of lithium-ion cells and batteries to this emerging electric bus industrial sector. Our OEM partner has production facilities in both China and Europe and capable of driving massive sales.”
As far as the letter of intent concerning a residential energy storage provider deal, volume quantity deliveries are slated to begin in early Quarter 1 of 2017. Smaller delivery quantities are expected to begin in Quarter 4 CY 2016. The lithium-ion modules provided by Electrovaya will be outfitted with battery management systems.
The letter of intent was apparently signed only after extensive testing of Electrovaya’s modules and cells by the OEM in question.
The VP of Business Development at Electrovaya, Dr Rajshekar DasGupta, commented: “We are very excited with this LOI, as this was achieved against intense global competition. Our multi-cell modules with laser welded tabs, built in sensors and iBMS are an attractive product for Residential Energy Storage. Our flexible ceramic separator SEPARION TM imparts outstanding safety to lithium ion batteries. This LOI further defines our path to becoming the leading supplier of lithium ion cells and batteries to this fast growing industrial sector of Residential Energy Storage.”