Electrovaya has signed a non-binding Memorandum of Understanding (MoU) with New York-based Visionary Vehicles (VV) to establish a joint venture to develop, manufacture and provide Electrovaya’s Lithium-Ion SuperPolymer batteries and intelligent battery management systems for use in Visionary Vehicles plug-in hybrid electric vehicles (PHEVs).
The JV will be owned by both firms equally. All capacity from the resulting new organization will be dedicated exclusively to Visionary Vehicle’s electric vehicles. The new organization will also dedicate a significant amount of its proceeds to research and development.
As part of the licensing agreement, the MOU provides for Electrovaya to receive royalties and license fees in addition to a 50% ownership in the joint venture with VV, as well as an option to participate in VV’s share structure. The MOU also provides VV with an option to purchase a small portion of Electrovaya’s outstanding shares.
Last year, Electrovaya introduced its“MN-Series” Lithium Ion SuperPolymer battery technology. The MN-Series, which is a Lithiated Manganese Oxide-based system, offers up to 50% higher energy density and comparable safety characteristics to Electrovaya’s Phosphate-Series chemistry. (Earlier post.)
Electrovaya’s proprietary Lithium Ion SuperPolymer technology is independent of the composition of the positive electrode active material. As such, ongoing advances in positive electrode chemistry, such as the MN-Series, are expected to enable better technical performance and safety characteristics at more economical price-points, according to the company.
The MN-Series technology complements Electrovaya’s existing roster of Phosphate-Series and Cobaltate-Series Lithium Ion SuperPolymer technology solutions.