Canadian battery maker in electric vehicle pact with Tata Motors, Miljø
15 October 2008
Canadian power systems maker Electrovaya Inc, based in Mississauga, Ontario, today said that it was partnering with Tata Motors and Miljø Grenland/Innovasjon to manufacture batteries and electric cars in Norway, beginning 2009, using its own proprietary lithium ion SuperPolymer battery technology.
Tata Motors ysterday announced that its UK subsidiary, Tata Motors European Technical Centre plc, had acquired a 50.3-per cent stake in Miljø (See: Tata Motors acquires majority stake in Norwegian electric car firm Miljø Grenland).
Earlier this month Electrovaya received its initial license payment of $1.3 million from Miljobil as partial consideration for a technology license enabling battery and electric car production at a new plant in Norway, following signing a term-sheet agreement with Miljø.
Electrovaya is partnering with Miljobil to produce batteries and electric cars in Norway and is providing its proprietary Lithium Ion SuperPolymer battery technology to give Miljobil's four-door electric vehicles excellent range and highway speed.
The Toronto Stock Exchange-listed Electrovaya said as Tata Motors' technology partner, it will receive equity in Miljø, a technology license fee and a royalty based on the value of its proprietary lithium ion SuperPolymer batteries used in the electric cars.
In addition to manufacturing state-of-the-art Lithium Ion SuperPolymer batteries and the development of related technologies, Miljø will produce electric vehicles based on Tata Motors' products, starting with the Indica EV, scheduled for launch in Europe during 2009.