Worth up to 199 million euro, company will supply unnamed energy storage firm with batteries
TORONTO, Ont.—Canadian battery manufacturer Electrovaya Inc. has stuck a deal to supply a global original equipment manufacturer (OEM) with its 48 volt Litastore battery modules.
Building on a letter of intent announced earlier this year, the company said the deal could be worth as much as 199 million euro (approximately $285 million) over a three-year period. The contract’s value is contingent on projects procured by the OEM, however, so there are few guarantees.
Though Electrovaya did not release the identity of its client, it said the company operates in the residential energy storage sector, an area which is currently experiencing significant growth.
One of several binding and non-binding supply agreements signed by the Mississauga, Ont.-headquartered company this year, the company said it won the contract against global competitors.
Electrovaya landed the deal through its German subsidiary, Litarion GmbH, which it acquired in 2015.