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Electrovaya to Provide Li-Ion Technology to Milj bil Grenland AS

Posted on September 07, 2008

Electrovaya signed a revised term sheet agreement with Milj bil for electric car battery production in Norway whereby Electrovaya will be providing its Lithium-Ion SuperPolymer battery technology for use in a new electric car that will be marketed globally. Electrovaya will receive equity in the automotive company, along with a license fee and a royalty fee based on the value of the battery.Miljobil Grenland, founded in 1997, markets zero emission vehicles. It is owned by Skagerak Energi, a regional utility company, and Norsk Hydro, a $25-billion European oil, energy and light metal company, ...

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battery , electric , electric car , european , ev , hydro , li ion , lithium ion , norway