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Vicinity Motor Corp. Announces Strategic Supply Agreement with Electrovaya for Lithium Battery Systems
Electrovaya to provide Lithium-ion battery systems for Vicinity electric vehicles VANCOU...
About this update from Electrovaya Inc.
[{"type":"text","content":"Vicinity Motor Corp. Announces Strategic Supply Agreement with Electrovaya for Lithium Battery SystemsElectrovaya to provide Lithium-ion battery systems for Vicinity electric vehiclesVANCOUVER, BC / ACCESSWIRE / October 13, 2021 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (\"Vicinity Motor,\" \"Vicinity\" or the \"Company\"), a leading North American supplier of commercial electric vehicles, today announced the formation of a strategic supply agreement with Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) (\"Electrovaya\") for the supply of battery systems for the Company's line of Vicinity Lightning™ EV buses and fully electric VMC 1200 Class 3 trucks.Electrovaya is a leader in the global energy transformation, focused on contributing to the prevention of climate change through its efforts to supply safe and long-lasting Lithium-ion batteries. Electrovaya designs, develops and manufactures Lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications.The agreement provides Vicinity with Lithium-ion battery systems that utilize the latest Electrovaya NMC ceramic lithium-ion battery technologies and will support full integration within Vicinity's line of vehicles.\"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. \"Sales momentum for our 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 with a superior lifecycle performance and peace of mind with respect to safety.\"\"Vicinity customers using the Electrovaya battery system will experience best-in-class performance with our leading-edge technology,\" said Sankar Das Gupta, President and Chief Executive Officer of Electrovaya. \"Our partnership will bring together two leaders in commercial and public vehicle electrification and deliver models at a price point suitable for mass deployment across small and large fleets. Vicinity Motor Corp. offers a highly competitive lineup of electric vehicle...