Sunday, November 09, 2008

Electric Powered Cars coming to Canada

A Canadian company named Electrovaya is a leader in the production of Lithium Ion battery systems. This company recently signed a package of Memorandums of Understanding (MOUs) with the Chinese.

First of these is with Chana International for the distribution of electric vehicles in Canada. Chana is one of the better know carmakers in China. Their brand is Chang’An. They are backed by joint ventures with Ford and Mazda. The agreement between Chana and Electrovaya is for the distribution of an electric powered, zero emission cars in Canada. The Ben Ben is a Chinese self made car that is selling for a little over C$8,000. The company is currently selling about 2,000 units per month in mainland China. It appears now that Electrovaya will position Chana with an electric variant of the Ben Ben.

Second is with GuangZhou Lange Electric Equipment for battery equipment. GuangZhou is a specialty equipment manufacturer. The two company plan to set up a joint venture for supply of Electrovaya’s battery licensees with high end manufacturing equipment. One might reasonably assume that Chana, or future supplier of the Ben Ben’s batteries is one of these licensees.

Finally, the third MOU is with Shandong Shifeng Group for zero emission light trucks. The significance of this MOU is it points to Electrovaya’s interest in electric vehicles. As there web site states:

"Electrovaya's strategy is to build strong partnerships and joint-ventures with well-intentioned, visionary leaders. … Electrovaya aims to be a dominant global player in this industry of near and long term explosive growth."

Electrovaya’s shares have traded between C$0.18 and C$0.72 in the last 52 weeks. On 7-Nov-08 they closed at C$0.31.


Tags: ;

No comments:

Post a Comment