Electrovaya Inc. has acquired 71.6% of the shares of Miljøbil Grenland AS (MBG), bringing Electrovaya’s shareholding to 78.1% of MBG. MBG is based in Porsgrunn, Norway. MBG has invested about US$30 million in lithium-ion battery technologies for a range of electric vehicle and other transportation applications.
At the time of the acquisition, the controlling automotive OEM (Tata Motors) made a substantial investment in a non-exclusive IP license to use MBG’s technology.
We are delighted to be adding MBG to the Electrovaya team. his enables Electrovaya to expand into Europe, acquire a large portfolio of battery patents and other intellectual property, acquire plant and machinery and add a product portfolio which is targeted to the energy storage, marine and electric vehicles market while adding a strong technical team with many years of lithium ion battery systems experience.—Dr. Sankar Das Gupta, CEO of Electrovaya