Electrovaya Reports Third Quarter FY 2014 Results

Published August 18th 2014 at 2:59pm
August 14, 2014 - Electrovaya Inc. today announced financial results for the third quarter of Fiscal 2014 ending June 30, 2014. All amounts are in US dollars unless otherwise stated. 

Financial Highlights: Quarter ending June 30, 2014

- Total revenue increased by approximately 1,400% to $2,131 (Cdn $2.3M) from $139 for the quarter ended June 30, 2013

- Gross Profit was $754 or 35.4% of revenue compared to $77 or 55.4% for the three months ended June 30, 2013.

- Cash and cash equivalents were approximately $2.7 million at June 30, 2014.

- On June 13, 2014, Electrovaya raised Cdn $2.9 million through the private placement of 3,237,601 units, with each units consisting of 1 common share at Cdn $0.90 and one-half share purchase warrant. Each share warrant is exercisable into one common share of the Company within a period of 18 months at a price of Cdn $1.25 per share.

Business Highlights:

Electrovaya's next generation 2.0 technology, with its unique non-toxic manufacturing process should have an excellent competitive advantage over manufacturers using toxic NMP solvents.

Good progress is being made in a number of important verticals including:

- Automotive: Electrovaya delivered additional battery systems to Dongfeng Motors, one of China's largest automotive companies, for their electric vehicle program.

- Smart Grid Vertical: Scottish Southern Energy Power Distribution: this project allows the development of distributed power for a Smart City program and this application could be of interest to numerous utilities.

- Retail & Distribution Industry: Electrovaya expects good growth in this vertical and is following up on additional opportunities. Electrovaya is now a registered vendor to a Fortune 10 Company.

- Mining: Replacement or reduction of diesel usage is of great interest to the mining sector and Electrovaya expects to deliver its first system to a Fortune 20 Company by the end of December 2014.

- Solar Energy and Wind: Energy Storage should grow and discussions are ongoing with a number of potential customers.

- Marine: World's first all-electric ferry has successfully completed over 10 months of daily operations. In June, Electrovaya was a speaker and exhibitor at a large marine exposition in Europe. We expect this vertical to grow substantially.

Competition: Conventional Lithium Ion manufacturers are struggling with high operating, capital and regulatory costs driven by their large usage and disposal of toxic chemicals (NMP). In contrast, Electrovaya, we believe, is the only major producer of Lithium Ion batteries that does not use NMP toxic chemicals. This is a key disruptive technology in this space.

During June, 2014, Electrovaya attended the following conferences and trade shows:

- 11th Annual Ardour Capital Investments Energy Technology & Sustainability Conference New York City: Speaker at the Investor Conference

- Energy Storage Association's Annual Conference 2014; Washington D.C.: Exposition booth largest Energy Storage Conference and Trade Show in North America

- GMP Conference on Industrial Minerals: London, UK: Keynote Speaker at the Investor Conference

- Grid Scale Energy Storage Conference; San Diego: Speaker and exposition booth at a west coast conference

- 2014 IEEE Transportation Electrification Conference and Expo (ITEC), Dearborn, Michigan; Speaker

- Electric & Hybrid Marine World Expo, Amsterdam: Speaker and exposition booth

ENF Profiles For Companies Mentioned in This Article

Electrovaya (Solar Components): http://www.enfsolar.com/directory/component/23725
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