Electrovaya Inc. (TSX:EFL), a company that creates lithium ion battery systems, announced that it has entered into a Memorandum of Agreement with a major Asian conglomerate.
As quoted in the press release:
The MOU contemplates a relationship that includes:
- Minority Equity interest in Electrovaya (up to 10%)
- Marketing and procurement of Electrovaya’s Lithium Ion batteries in areas such as energy storage for the grid, smart city, smart grid and other sectors where energy storage is necessary
- Joint Venture and equity interest in a lithium Ion battery manufacturing plant in India
- Procurement of the raw materials and/or facilities necessary for production of Lithium Ion batteries
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