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The
company, which did not name the buyer, said the latest project
would start immediately, with large volume commercial production
beginning in late 2017.
Electrovaya, which boasts Tata Motors, Chrysler and NASA among
its customers, said in July that it expects revenue of $80
million over three years from a deal with another U.S.-based
original equipment maker.
While lithium-ion batteries are mostly used in consumer devices
such as smartphones as well as electric cars, Elon Musk-backed
Tesla Inc sparked interest in the idea of self-powered homes,
when it said in April 2015 that it would start selling such
batteries for households.
Electrovaya acquired Germany-based Litarion GmbH, a joint
venture between Daimler AG and Evonik AG, last year to boost its
global presence and compete with larger players such as Tesla.
Electrovaya has signed a number of supply deals this year,
including for residential energy storage and most recently one
with Hyster-Yale, an Ohio-based maker of lift trucks.
Such deals have helped Electrovaya's shares surge about 400
percent this year, giving the company a market capitalization of
about C$300 million ($227 million).
(Reporting by Arathy S Nair in Bengaluru; Editing by Savio
D'Souza)
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