Electrovaya announced that its new, wholly-owned German subsidiary Litarion received a €18.5 million (nearly $21 million) order for lithium-ion battery products from an undisclosed German company in the non-automotive space.For Electrovaya, those are relatively high values and €2.8 million (over $3.1 million) of the order will be delivered this year.
Electrovaya seems to be pretty happy with its Litarion acquisition from Evonik and believes that using its patented non-toxic manufacturing process will be able to lower costs by up to 50% to the lowest level in the industry. Probably a large part of future demand is expected from energy storage market.