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:

1. Minority Equity interest in Electrovaya (up to 10%)
2. 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
3. Joint Venture and equity interest in a lithium Ion battery manufacturing plant in India
4. Procurement of the raw materials and/or facilities necessary for production of Lithium Ion batteries

Click here to read the full Electrovaya Inc. (TSX:EFL) press release.