Li-ion maker Electrovaya signs Letter of Intent with a major residential energy storage provider; $223M over 3 years
15 June 2016
Li-ion battery manufacturer Electrovaya Inc. has signed a Letter of Intent (LOI) with a Global Original Equipment Manufacturer (OEM) for the delivery of battery modules for Residential Energy Storage with volume quantity deliveries starting early Q1 CY2017. Electrovaya will provide its battery modules with integrated cells and battery management systems (iBMS).
The demand for Electrovaya’s battery modules by this OEM is estimated to be up to €199 million (US$ 223 million) over a period of 3 years. High volume deliveries are scheduled to start in early Q1 CY2017 with smaller quantities with delivery in CY2016.
Electrovaya’s technology and products are suited to the residential energy storage market as two of the critical performance parameters are highest cycle life and safety, both available from Electrovaya.
This LOI was signed after intensive testing of the Electrovaya cells and modules by the OEM—one of the largest and fastest growing residential energy storage companies in the world.
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.
—Dr. Rajshekar DasGupta, VP of Business Development at Electrovaya
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