TORONTO — Electrovaya Inc. announced last week that Electrovaya and HEROElectric are partnering for the electrification of two-wheeler vehicles using Electrovaya's Lithium Ion SuperPolymer battery technology.

Electrovaya and HEROElectric have signed a Memorandum of Understanding (MOU) that sets out the general principals of a joint venture for zero-emission battery electric scooters and motorcycles. HEROElectric is a wholly-owned subsidiary of HEROGroup, the world's largest 2-wheeler manufacturer. The MOU was signed in New Delhi with the Ontario Premier Dalton McGuinty in attendance.

"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."

To learn more about Electrovaya, visit www.electrovaya.com. For more information on HERO Electric visit www.heroelectric.in.

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