TORONTO, Sept. 12, 2013 (GLOBE NEWSWIRE) -- Electrovaya Inc. (TSX:EFL) announced that it has received a purchase order from Scottish and Southern Energy Power Distribution (SSEPD) for a major distributed energy storage project. The project will lead to the installation of 25 distributed and independent energy storage systems in a single UK town. The systems will be composed of Electrovaya's latest SuperPolymer2.0® technology and will feature substantial smart grid capabilities. The systems will range in energy capacity from 12.5kWh to over 80kWh.
"We are very excited about the project with SSEPD. Not only does it reflect Electrovaya's leadership in advanced grid connected energy storage technology, but the project will lead to the development of substantial smart grid capabilities for Electrovaya's systems," says Dr. Rajshekar DasGupta, VP Business Development. "Furthermore, this will be Electrovaya's first major utility storage project in Europe. European utilities are gaining interest in energy storage and they have the highest penetration of renewables in the world, thereby placing Electrovaya in a prime position for follow up projects in the region."
"SSEPD is pleased to be working with a proven energy storage manufacturer and believe their experience in grid connected and mobile storage will allow us to successfully explore the role of Energy Storage and Management Units in supporting the energy needs of our customers as we move towards a low carbon economy." said Nigel Bessant, Project Delivery Manager with SSEPD.
All the Electrovaya systems are expected to be delivered to SSEPD by mid 2014. The current energy storage project is part of the Thames Valley Vision (TVV) project, a SSEPD project in partnership with other local, national and international businesses. The TVV is a £30 million project and is part of a £500 million program funded by the Low Carbon Network Fund (LCNF) run by Ofgem, the UK energy regulator.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer®2.0 batteries, battery systems, and battery-related products for the clean electric transportation, Utility Scale Energy Storage and smart grid power, consumer and healthcare markets. The Company's mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. The Company's other mission is to deliver Utility Scale Energy Storage Systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and customers around the globe. To learn more about how Electrovaya is powering mobility, please explore www.electrovaya.com
About Scottish and Southern Energy Power Distribution
Scottish and Southern Energy Power Distribution (SSEPD) is responsible for maintaining the electricity networks supplying over 3.7 million homes and businesses across central southern England and north of the Central Belt of Scotland. SSEPD owns one electricity transmission network and two electricity distribution networks, comprising 106,000 substations and 130,000 km of overhead lines and underground cables across one third of the UK. SSPED is a subsidiary of SSE PLC. SSE generates, transmits, distributes and supplies electricity to industrial, commercial and domestic customers in the United Kingdom and Ireland. The Company also stores and distributes natural gas, and operates a telecommunications network that offers bandwidth and capacity to companies, public sector organizations, Internet service providers, and others.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue forecasts, technology development progress, plans for shipment using the Company's next generation 2.0 technology, production plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties", including in particular from pages 37 to 38, as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
