Electrovaya Inc. announced yesterday that it has acquired 71.6 percent of the shares of Miljøbil Grenland AS (MBG), bringing Electrovaya’s shareholding to 78.1percent of MBG.
MBG is based in Porsgrunn, Norway.
MBG has invested about $30 million in lithium-ion battery technologies for a range of electric vehicle and other transportation applications. At the time of the acquisition, a major automotive OEM made a substantial investment in a non-exclusive IP license to use MBG’s technology.
“We are delighted to be adding MBG to the Electrovaya team,” says Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. “This enables Electrovaya to expand into Europe, acquire a large portfolio of battery patents and other intellectual property, acquire plant and machinery and add a product portfolio which is targeted to the energy storage, marine and electric vehicles market while adding a strong technical team with many years of lithium ion battery systems experience. Europe has been a pioneer in the use of Ethical Products and Green Energy Technology and we believe this resonates perfectly with Electrovaya’s proprietary and unique non toxic ethically produced Lithium Ion batteries with superior high energy density.” concludes Dr. Das Gupta.
MBG specializes in development and pilot series production of battery and control systems. MBG has developed li-ion battery systems for the automotive industry and is working on new applications for use in electrically powered ferries and other marine transportation applications. MBG was founded in 1997 and is based in Porsgrunn, Norway.
Electrovaya Inc. 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.