The demand for large format lithium ion batteries to supply the growing electric vehicle market is expected to reach $23 billion by 2015 and $74 billion by 2020, according to global management consultants A.T. Kearney. In fact, almost every top-tier carmaker has said it will be using this advanced technology. The aim of Electrovaya’s Electric Vehicle Division is to accelerate clean transportation as a commercial reality with its advanced power systems for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles.
Electrovaya provides energy-storage solutions for renewable applications, basically storing the energy created intermittent renewable sources to even out the power flow (this is called load-levelling). Secondly, it helps provide back-up power for peak hours, requiring less capacity from nonrenewable sources. The market for lithium ion batteries in energy storage systems is expected to reach US$4.1 billion by 2018, according to Pike Research, a clean technology marketing intelligence firm.
Electrovaya has a unique manufacturing process that enables emission-free manufacturing of the battery, which allows the company to meet environmental standards to manufacture anywhere, including in urban areas with the strictest environmental regulations. Founded in 1996 and headquartered in Mississauga, Ontario, Electrovaya has production facilities in Canada as well as in the U.S. with customers around the globe.
As Canada’s sixth-largest city, Mississauga is home to 730,000 residents and 55,000 businesses. A diverse and progressive municipality located on the shores of Lake Ontario in the heart of the Greater Toronto Area, Mississauga is one of Greater Toronto’s top-90 employers for 2010.
