Welcome!

Mobile IoT Authors: ManageEngine IT Matters, Elizabeth White, Yeshim Deniz, Liz McMillan, Ed Featherston

News Feed Item

Electrovaya, Accompanying Prime Minister Harper's Trade Mission to India, Signs Two MOUs for Lithium Ion Batteries for Automotive and Telecom Applications

MOU with Environ Energy in powering the Telecom Sector and Hero Eco for Two Wheelers in Europe, North America and India

TORONTO, ONTARIO -- (Marketwire) -- 11/06/12 -- Electrovaya Inc. (TSX:EFL), accompanying Prime Minister Harper's Trade Mission to India, today announced that it has signed two MOUs in the fast growing areas of Energy Storage in the Telecom sector with Environ Energy (Bhaskar Solar), part of a $4 billion Indian conglomerate, as well as a further expansion in the electric two wheeler sector with Hero Eco for markets in Europe, North America and India.

Hero Eco Ltd.

The MOU with Hero Eco Ltd. would further the synergies of both Electrovaya's and Hero Eco's recent acquisitions. Electrovaya would work with Hero Eco to implement Lithium Ion powered electric bikes for Hero's markets in Asia, Europe and North America.

Hero Eco, the umbrella entity that includes Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech recently expanded its operations in Europe and North America through its overseas acquisition. As a result of this acquisition, Hero will now market Lithium Ion powered electric bikes in less price-sensitive markets of Europe and North America, expanding its market reach to 22 countries.

Hero's expansion into Europe fits well with Electrovaya's recent acquisition of Miljobil Grenland in Europe. Miljobil is a Lithium Ion Battery Pack integrator, which was earlier part of Tata Motors.

Hero is also expecting an increase in sales of Lithium battery powered Electric two-wheelers in the price-sensitive Indian market as a result of India's recently announced National EV policy. The Indian government's recent EV policy calls for a Rs 23,000 crore plan to promote the production of electric (EV) and hybrid vehicles over the next eight years, and set a sales target of 6 million units by 2020. The policy includes aspects such as incentives to customers, charging infrastructure, research & development funding and creation of EV zones.

A trusted brand name with numerous sales and service outlets across India, Hero Electric, which falls under the umbrella of Hero Eco, has recently been developing and testing its products in Europe and North America.

"We have been targeting a multi-country opportunity for our Clean Transportation products and this will further enhance our existing partnership with Electrovaya." says Naveen Munjal, Managing Director of Hero Electric.

"Hero's global expansion plans demonstrate the need for a Green alternative to traditional gasoline powered two-wheel modes of transportation," says Dr. Sankar Das Gupta, CEO of Electrovaya Inc. "We are delighted to work with leaders such as Hero for these high-growth Clean Transportation markets."

Environ Energy Corporation India Pvt. Ltd. (also known as "Bhaskar Solar")

The MOU with Bhaskar Solar intends to harness Electrovaya's Lithium Ion Battery technology in making renewables-based telecom towers possible. Electrovaya would work jointly with Bhaskar Solar to implement renewable energy management solutions across Bhaskar's proposed 15,000 telecom tower applications.

According to the Telecom Regulatory Authority of India ("TRAI"), India currently has over 300,000 tower sites of which over 30,000 are in off-grid areas. The majority of the Telecom Towers are powered by diesel generators, whether on-grid or off, due to the intermittent power supply. The total annual consumption of diesel fuel by these towers is 2 billion litres, as a result of which 5 megatons of CO2 is produced annually. TRAI has recently made it mandatory for telecom companies to use renewable sources of energy for powering their towers. At least 50% of towers and 20% of the urban towers are to be powered by hybrid energy sources (renewable and grid) by 2015. In the second phase, the telecom companies will be required to convert 75% of the rural towers and 33% of the urban towers to run on hybrid power. Ministry of New and Renewable Energy ("MNRE") is supporting off-grid solar telecom applications by providing capital subsidy of 30% to a maximum subsidy of Rs 90 per watt peak. Alternatively, soft loans at 5% interest rate subsidized by India Renewable Energy Development Agency (IREDA) are being offered for such projects.

"We have been researching opportunities in the solar industry for some time and have been awaiting an opportunity that could leverage the growing recognition by key regulators about the need to replace diesel generators with clean technology environmentally-friendly energy storage solutions." says Partha Chatterjee, Head Telecom, Environ Energy. "The large size of the market, combined with the growing cost of diesel energy solutions and the financing available for such projects, makes this a very exciting opportunity." adds Partha Chatterjee.

Electrovaya's technology has been commercialized and brought to market with the support of the Government of Canada through Sustainable Development Technology Canada (SDTC). "For SDTC, it is a rewarding to see increased global deployment of Electrovaya's lithium ion SuperPolymer battery in emerging markets like India in the critical sectors of clean transportation and energy storage for telecom applications," said Dr. Vicky Sharpe, President & CEO, SDTC.

About Electrovaya:

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems, and battery-related products for the clean electric transportation, Utility Scale Energy Storage and smart grid power, consumer and healthcare markets. The Company's mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. The Company's other mission is to deliver Utility Scale Energy Storage Systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada, USA and Europe with customers around the globe. To learn more about how Electrovaya is implementing Clean Energy, please explore www.electrovaya.com.

About HERO:

HERO Eco Ltd. Is the newly formed umbrella company of the HERO Group that includes Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech. Hero Eco plans to invest Rs 450 Crore with the intention of turning this investment into Rs. 1500 Crore within the next five years. The Hero Group is one of the world's largest producers of two wheelers. With a background of extensive research, HERO Electric entered the Electric vehicle segment with the single objective of providing eco-friendly, cost-effective mode of personalized transportation with its range of Electric Two-wheeler models. Over a short period of time, HERO Electric has been quick to establish itself as an undisputed leader in the Electric Two-wheeler segment. To learn more about HERO Eco please visit www.heroeco.com.

Environ Energy (Bhaskar Solar):

Environ Energy Corporation India Pvt. Ltd. (also known as "Bhaskar Solar") is part of a $4.1 billion Indian conglomerate based in Kolkata. The group has diverse interests including Clean Renewable Energy and is a leader in the Telecom Tower power sector.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to, among other things, the Company's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties", as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.