Targray Announces Exclusive, North American Distribution Partnership with Electrovaya-Litarion for Coated Electrodes and US$16 Million Order for 40Ah Lithium Ion Cells

Cell manufacturers benefit from collaborative efforts to supply quality li-ion battery components


Montreal, QC -- (ReleaseWire) -- 01/14/2016 --Targray is pleased to announce that it has signed an exclusive distribution partnership with Litarion GmbH (Litarion), a leading German EV electrode manufacturer and wholly owned subsidiary of Electrovaya Inc., to supply coated cathode and anode electrodes to North American li-ion battery manufacturers.

Additionally, a US$16M (CAD $23M) contract for Electrovaya-Litarion's cells was received. This purchase order is effective immediately and will extend through January 2017.

Targray's partnership with Electrovaya-Litarion will cement the company's presence as a single source for a tremendous range of li-ion battery materials and components, easily accessible by North American manufacturers seeking a streamlined, cost-effective distribution channel.

In working with Electrovaya-Litarion to provide coated cathode and anode electrodes, Targray will also gain the ability to meet the unique specifications of its customers by tailoring critical variables, including geometry, weight, thickness, materials and substrates, and width, among others.

"Targray remains committed to the battery industry and the needs of customers within it. We're excited to be able to offer not only some of the highest quality li-ion battery materials in the world, from a leading supplier, but also a bevy of customization and specification options that are critical to our varied customers," said Andrew Richardson, President of Targray.

Electrovaya-Litarion coated electrodes exhibit an extraordinary set of performance properties, including outstanding cycle life (even at full depth of discharge), superior energy density and high power capability. Thanks to serial production—certified ISO 9001 and ISO/TS 16949—Targray is able to consistently meet the demands of customers through Electrovaya-Litarion's standardization of quality. The result, post-application, is a better class of product.

"Working with Targray to expand our distribution channels worldwide—particularly into North America—is a great opportunity for Electrovaya-Litarion and one that we're looking forward to exploring moving forward," said Dr. Andre Mecklenburg, Chief Operating Officer at Electrovaya-Litarion. "Targray shares our same values in offering fair and balanced distribution opportunities—we're pleased to be moving forward in a partnership that's sure to benefit the battery industry as a whole.

For more information about Targray's exclusive partnership with Electrovaya-Litarion or to inquire about the company's li-ion battery material distribution capabilities, please visit its website at http://www.targray.com/.

About Targray
Targray is a global supplier of lithium ion battery materials, serving the high-tech manufacturing and energy markets in over 50 countries. Leveraging over 25 years of experience in supplying new materials to high-technology industries, Targray brings globally competitive, cutting-edge battery materials to its manufacturing customers at a competitive cost. The lithium ion battery technologies in Targray's extensive product portfolio satisfies the requirements of the next generation of Li-ion batteries, while meeting the criteria of safety, high-efficiency, lifetime and cost.

About Electrovaya Inc.
Electrovaya Inc. designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces cells, electrodes and SEPARION® ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.