Lithium-ion firm Electrovaya has signed three deals totalling €290million ($328.5million) within days of each other.
The deals will mean its modules will be used in residential and electric bus applications by three unnamed original equipment manufactuers (OEMs).
The first saw the Canadian company sign a three-year €199million ($223 million) Letter of Intent (LoI) with a ‘major’ residential energy storage provider.
The LoI Letter of Intent will see Electrovaya provide its battery modules with integrated cells and battery management systems (iBMS) from Q4, 2016.
High-volume deliveries are scheduled to start in early Q1 2017.
The LOI was signed after intensive testing of Electrovaya’s cells and modules by the OEM.
The second deal saw Electrovaya’s subsidiary Litarion sign a Memorandium Of Understanding (MOU) to deliver lithium-ion cells for electric buses.
The €11million ($12 million) MOU will see Electrovaya provide its cells to the leading European OEM, which will then assemble them into electric bus batteries.
The OEM designs and integrates battery systems for e-mobility applications, especially electric buses, in Europe and China.
Deliveries are set to start in Q4, 2016 and then grow into 2017.
The MOU also sets out specific cell pricing, cell sizes and energy capacity to be delivered to the OEM.
Typical electric bus batteries can be as large as 300 kWh per bus. Some market analysts estimates the electric bus market will require about $32 billion lithium-ion batteries in the next 10 years.
Deal number three saw Electrovaya sign a Multiyear Service Agreement (MSA) to supply lithium-ion battery modules, battery management systems and related services with a US-based OEM.
The agreement is expected to generate revenues of up to $80 million over the next three years, beginning in Q2 2016.
The Fortune 1000 company is the first major customer for Electrovaya’s LITACORE1000 module, which uses the LITACELL40.
