Electrovaya (TSX:EFL) was among the top gainers on the TSX today as the company announced it had received a purchase order for lithium ion superpolymer batteries from China-based Donfeng Motors.
Shares of the Mississauga-based cleantech closed today up 62% to $.77.
DongFeng Motor plans to commercially launch two electric vehicles later this year, and will release many more over the next decade. The company currently manufactures 3.5 million vehicles in China, and says its electric vehicle program will become one of the largest in the world.
The batteries used in the vehicles will be Electrovaya’s 18-kilowatt-hour lithium-ion SuperPolymer battery consists of its proprietary high-energy density cells and BMS (battery management system), along with subassemblies of mechanical, thermal, electrical and electronics.
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Ontario premier Dalton McGuinty says the deal is a validation of Ontario’s green initiatives.
“We know there’s a tremendous future for Ontario’s green energy companies here in China. Today’s signing ceremony between DongFeng Motors and Electrovaya is proof of just how much we have to offer,” he said. “This new contract will create good Ontario jobs and help reduce climate change, one of the most important issues facing the world today.”
Electrovaya founders Sankar Das Gupta and Jim Jacobs began their research into battery technologies in 1983. The company now has more than 150 patents on its lithium ion battery technology, and has partnered with Tata Motors and Chrysler.