Once almost completely unknown, Electrovaya (TSX:EFL) is a Canadian company that is beginning to compete on the world stage. And lately, they are getting a little help from Barack Obama. In mid-2009, shares of the Mississauga based maker of lithium-ion batteries, were going for barely $.20 cents. So what’s behind the recent run-up in Electrovaya shares, a move that has seen the company’s market capitalization rise to near a quarter-billion dollars?
Recently, Electrovaya won a $4.49 million grant through the Energy Department to develop advanced technologies for Plug-in Hybrid Electric Vehicles, or PHEVs, for Chrysler. This has at least one American happy for Canadian developed technology.
“I’m happy Obama spent the money,” said George Olivares, who is technical coordinator for an Electrovaya branch in Saratoga, New York. “It has given me a job. It has stopped me from moving.”
Olivares says the Malta, NY branch employs just two people now, but plans to expand to a dozen in the near future. Electrovaya was the largest largest of the seven sub-recipients of an overall grant to Chrysler, which was $38.2 million in total.
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Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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