Electrovaya increases its ownership to 99.6% of the shares of Miljøbil Grenland

13 September 2012

Electrovaya Inc. has agreed to increase its position from 78.1% to 99.6% of the shares of Miljøbil Grenland AS (MBG). MBG is based in Porsgrunn, Norway. Electrovaya earlier in September acquired 71.6% of the shares of MBG, bringing its shareholding to the 78.1%.

MBG’s excellent technical team and facilities enable Electrovaya to better serve European automotive OEMs, utilities, maritime and other customers. In addition to a new European base to support our marketing and technical efforts, we have significant battery testing and validation capabilities as well as access to many new maritime opportunities.

—Paul Hart, CEO of MBG and CFO of Electrovaya

MBG is a battery integrator with more than $30 million invested in developing battery systems for automotive, maritime and similar applications. MBG is an excellent fit for Electrovaya, the company says, as MBG does not manufacture lithium-ion cells or battery management systems (BMS), but integrates externally manufactured cells and BMS into systems and battery packs.

Electrovaya, on the other hand, manufactures both the fundamental lithium-ion polymer cells as well as the intelligent battery management systems and previously had no European base of operations.

Prior to Electrovaya's acquisition, MBG’s revenue was focussed on its single OEM shareholder (Tata), while now its revenue focus will be throughout Europe. MBG owns substantial technology Intellectual Property, including patents and recently sold a non-exclusive license for its technology for $2.9 million.