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. BDA has acted as exclusive financial advisor to Tata Motors on this transaction.
Electrovaya, a firm co-founded by Sankar Das Gupta in 1996, 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.
This purchase will 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.