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Electrovaya Announces Licensing Agreement With Miljobil

April 25, 2007 by Jeff Shepard

Electrovaya Inc. announced that it has entered into an agreement with Miljobil Innovasjon AS for a license of Electrovaya’s technology related to battery chemistry and the manufacture of battery modules. The license includes a mix of license fee, equity and royalties.

Miljobil’s major shareholder, Norsk Hydro/Statoil, is claimed to be one of the largest energy companies in the world with a market value of about 575 billion Norwegian kroner, or about US$92 billion. Miljobil’s objective is to contribute to the improvement of the regional environment by promoting the use of alternative power, including electric vehicles.

Electrovaya previously completed a battery system and integration into a prototype electric vehicle for Miljobil.