Electrovaya improves numbers, gets Ontario grant

Electrovaya%20McGuinty%20and%20Gupta173X94.jpgTORONTO — Electrovaya Inc., maker of portable batteries for electric vehicles, reports a Q3 revenue increase of over 30% to $880,000, from $675,000 in the previous quarter. The loss from operations, before interest, income taxes, foreign exchange and amortization decreased by more than 36% to $483,000. compared to $762,000 in the same quarter of the prior year. Research and development expenses increased by 96% or $734,000 to $1,498,000 from $764,000 in the quarter ending June 30, 2008. The Company had $6.2 million in cash and cash equivalents, an increase of $2.8 million compared to $3.4 million as at March 31, 2009.
Earlier this month, Electrovaya was the site of a visit by Premier Dalton McGuinty, who came by to say that Queen's Park will give the company a grant of "up to" $16.7 million to support battery research and precommercialization activities (the premier is pictured with Electrovaya CEO Sankar Das Gupta). The investment, which will top up the $94.8 million committed by the company, will help create 240 jobs and support 50 existing positions. The company's patented battery technology lets cars drive further on a single charge than electric vehicles that use other batteries. Electrovaya has already signed several deals with automakers in Europe, Asia and North America and is in a strong position to become a world leader in manufacturing batteries for electric vehicles.

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