Canadian stock exchange-listed Electrovaya Inc. has acquired 71.6 per cent stake in Norwegian cleantech engineering firm Miljobil Grenland A.S. (MBG), raising its holding to 78.1 per cent. The stake was purchased from Tata Motors European Technical Centre plc, a subsidiary of Tata Motors Ltd, which had acquired the majority stake in MBG for $1.9 million in October 2008.
Set up in 1997, MBG manufactures battery and energy storage parts for electric cars and other applications. It has developed lithium-ion battery systems for the automotive industry and is working on new applications, to be used in electrically powered ferries and other marine transportations. The firm has invested around $30 million in li-ion battery technologies for a range of electric vehicles and other transportation applications.
BDA acted as exclusive financial advisor to Tata Motors on this transaction.
Electrovaya, a firm co-founded by Sankar Das Gupta, a person of Indian origin, designs and manufactures proprietary li-ion SuperPolymer batteries, battery systems and battery-related products for clean electric transportation, utility-scale energy storage and smart grid power, consumer and healthcare markets.
Commenting on the acquisition, Electrovaya chairman and CEO, Sankar Das Gupta, said, “This enables Electrovaya to expand into Europe, acquire a large portfolio of battery patents and other intellectual property, acquire plant and machinery and add a product portfolio targeted at energy storage, marine and electric vehicles markets while adding a strong technical team with many years of li-ion battery systems experience.â€
Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in the US, and customers across the globe.
Tata Motors European Technical Centre was set up in the UK in 2005 as a wholly owned subsidiary of Tata Motors. It focuses on design engineering and product development for the automotive industry, and has expertise in areas such as power train and driveline, systems integration and electronics, legislation and homologation, styling, and body and trim craftsmanship.