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Electrovaya Announces Strategic Supply Agreement with Vicinity Motor Corp. for Lithium Battery Systems
Electrovaya to provide lithium ion battery systems for Vicinity electric buses and trucks ...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Announces Strategic Supply Agreement with Vicinity Motor Corp. for Lithium Battery SystemsElectrovaya to provide lithium ion battery systems for Vicinity electric buses and trucksTORONTO, ON / ACCESSWIRE / October 13, 2021 / Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, today announced the signing of a strategic supply agreement with Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (\"Vicinity\"), a leading supplier of electric, compressed natural gas and clean diesel vehicles. The strategic supply agreement is for the supply of battery systems for Vicinity's line of Vicinity Lightning™ EV buses and fully electric VMC 1200 Class 3 trucks.Electrovaya is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change through supplying the safest and longest lasting lithium ion batteries in the marketplace. Electrovaya designs, develops and manufactures proprietary lithium ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications.The agreement provides Vicinity with battery systems that utilize the latest Electrovaya NMC Ceramic lithium ion battery technologies and supports full integration within the Vicinity line of vehicles.Vicinity recently released guidance for 2022 and indicated \"Vicinity Motor expects to complete deliveries of over 95 Vicinity™ Classic buses, 75 Vicinity Lightning™ EV buses and chassis, 200 VMC 1200 EV trucks, and 300 Vicinity Optimal EVs to drive year end revenues of over $140 million.\"\"Our decision to collaborate with Electrovaya as a strategic supplier followed rigorous engineering and due diligence activities,\" said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. \"Sales momentum for our breakthrough Vicinity Lightning™ EV lines of buses and our new fully electric VMC 1200 Class 3 Truck continues to scale, and this agreement secures our supply chain for the crucial battery component of our platforms. The Electrovaya batteries will provide confidence with prospective customers due to their superior life cycle performance, and peace of mind due to their strong safety standards.\"\"Vicinity c...