Electrovaya Shareholders Approve Name Change

May 23, 2002 by Jeff Shepard

Electrovaya Inc. (Toronto, ON) announced that its shareholders approved changing the company’s name from Electrofuel Inc. to Electrovaya Inc., at its annual meeting of shareholders. The company’s shareholders also approved transferring Electrovaya’s operations and operating assets to a new wholly owned subsidiary, Electrovaya Corp., and transferring all or a portion of the company’s intellectual property to its wholly owned subsidiary, Electrofuel Global SRL, which will be renamed Electrovaya Global SRL.

"We wanted to pick a name that would transfer the brand equity from Electrofuel to the new name," said President and CEO Sankar Das Gupta. "Electrovaya does that and honors the 'corporate DNA' of the old name. Transferring the company’s operations, operating assets and intellectual property to two of its subsidiaries will also better position the company as it grows in the future."