Electrovaya Inc. (TSX:EFL) today announced that it has signed a contract to develop, construct and demonstrate a utility sized stationary battery system using end of life Electric Vehicle battery packs. The repurposed batteries could be used to store electricity generated by renewable energy systems, such as wind and solar power. The stationary battery system will be implemented at the Manitoba HVDC Research Centre facility, a subsidiary of Manitoba Hydro. The University of Manitoba is also participating in this project. Major funding for this project comes from the Government of Canada's Clean Energy Fund and Manitoba Hydro. This program is a part of an Electrovaya led $7.6 million project.
"We are committed to deliver this revolutionary system to the homeowner and small building owner, which will lower their ever growing cost of energy. Furthermore, making the WindCharger™ available to the public is an achievement we are all proud of. This accomplishment supports the goal we have planned for from the outset and is on schedule to be delivered in early 2012," stated Dieter Sauer, President and CEO of Sauer Energy, Inc.Incorporated in 1969 and headquartered in Schiedam, SBM Offshore N.V. the firth Dutch company to engage in oil and gas energy industry. It has representatives in 15 countries of the world, dealing with engineering, supply, and offshore terminals installation, and an offshore fleet."We are delighted to work with Electrovaya on this project." said Bob Brennan, CEO of Manitoba Hydro. "Using Electrovaya's refurbished Lithium Ion batteries in this manner is an innovative and potential low cost energy storage solution. We believe that repurposed lithium ion battery technology has excellent potential for grid storage application. As well, the potential benefits of reducing diesel consumption in our Northern remote communities are very attractive to Manitoba Hydro."Add to Digg Bookmark with del.icio.us Add to NewsvineManitoba Hydro is a Crown Corporation and the province's major energy utility. We export electricity to over 30 electric utilities through our participation in 4 wholesale markets in Canada and the mid-western United States and maintain a position of being among the lowest cost providers of domestic electricity rates in Canada. Our customer base includes 532,000 electric customers throughout Manitoba and 264,000 natural gas customers in various communities throughout southern Manitoba and we offer a wide range of energy services and programs to our customers, either directly or through our subsidiaries. Nearly all electricity we generate is from self-renewing water power from 14 hydroelectric generating stations, primarily on the Winnipeg, Saskatchewan and Nelson rivers and we are the major distributor of natural gas in the province, delivering natural gas to nearly 100 communities in the province. Our capital base includes capital assets-in-service at original cost exceeding $12 billion, making us one of the largest energy utilities in Canada.Without hills, mountains and various buildings, offshore wind turbines offshore ensure no interruption in wind supply. Moreover, offshore wind blows more stable and foreseeable comparing to land. Wind power stations’ sea installations are becoming more and more popular and important. Offshore wind power supply is to grow from 1276 Mega Watt in 2008 to 18769 Mega Watt in 2015. SMB Offshore has a bright opportunity to cash this opportunity to the full with its Wind Turbine Installation Platform.Sauer Energy is in the process of expanding its current facility now to combine all efforts to provide a platform for finish assembly and further research and development. The new facility will be compliant for procurement of the American Recovery and Reinvestment Act (ARRA) projects. Future goals include subsequent plants in strategic locations to meet the expanding demand for increased production.http://marketpublishers.com/report/industry/energy/sbm_offshore_nv_swot_analysis_bac.htmlReport Details: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."This project will give us insight into the complete re-use of Lithium Ion batteries," said Dr. Sankar Das Gupta, CEO, Electrovaya. "Our hope is that utilities will be able to take advantage of the significant number of the used batteries that will come into the market after the large scale introduction of plug-in electric vehicles." "By making the end product reusable by utility companies, we address two problems. First, Lithium Ion batteries become an even more environmentally sustainable product. And two, we help utility companies make wind and solar energy generation as reliable as hydro, nuclear, and coal".In just over 4 years, Sauer Energy's vision of a small vertical axis wind turbine for the home and enterprise has become a reality. As Sauer Energy enters into the sales phase, they will reinvest revenues to develop other applications for its technology. Through the course of manufacturing and marketing of the WindCharger™, Sauer Energy seeks to establish a leadership position in residential roof-mountable wind energy capture, due to its extremely unique and efficient features.http://www.SauerEnergy.com
Contacts: Electrovaya Inc. Paul Hart 905.855.4618 ir@electrovaya.com For Investors The Blueshirt Group Monica Gould (212) 871-3927 monica@blueshirtgroup.com
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