"We have signed an MOU with Electrovaya for what will ultimately become a joint venture once all the details of the new company are finalized," noted Naveen Munjal, Managing Director of HEROElectric. "The HEROGroup has created history in the past, and is now all set to create the future with an advanced battery electric scooter. The lead acid batteries have limitations such as the need for frequent re-charging, shorter lifespan and so on. In contrast, lithium ion batteries have the potential to revolutionize the electric vehicle market."
Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya added, "Electrovaya’s mission is to accelerate clean transportation as a commercial reality with its advanced power systems for all classes of zero-emission electric vehicles. The joint venture with HEROElectric will certainly boost this effort in India as well as in HERO’s markets across the globe."
Electrovaya Inc. (TSX: EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems, and battery-related products for the clean transportation, smart grid power, consumer and healthcare markets. The Company’s mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as North America, and customers around the globe.
HEROElectric, a 100% wholly-owned subsidiary of the HEROGroup, is a pioneer in the Indian Electric Vehicle Industry. With a background of extensive research, HEROElectric entered the electric vehicle segment with the single objective of providing eco-friendly, cost-effective mode of personalized transportation with its range of Electric Two-wheeler-MAXI,OPTIMA PLUS, WAVE Dx, and E-SPRINT models. Over a short period of time, HEROElectric has been quick in establishing itself as an undisputed leader in the Electric Two-wheeler segment.