Electrovaya Acquires Majority Shares in European Lithium Ion Battery Company Miljobil Grenland
Electrovaya Inc. today announced that it 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 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," says Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "This 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." continues Dr. Das Gupta.
"Europe has been a pioneer in the use of Ethical Products and Green Energy Technology and we believe this resonates perfectly with Electrovaya's proprietary and unique non toxic ethically produced Lithium Ion batteries with superior high energy density." concludes Dr. Das Gupta.
"MBG's excellent technical team and facilities allow Electrovaya to serve European automotive OEMs, utilities, maritime and other customers and support Electrovaya's marketing and technical efforts for these markets." says Paul Hart, Chief Financial Officer of Electrovaya and Chief Executive Officer, MBG. "The MBG acquisition was non-dilutive to Electrovaya's existing shareholders and MBG is essentially free of short term debts, with a good cash position." adds Mr. Hart.