Tata Motors (NYSE: TTM) is working with Toronto-based Electrovaya (EFL:TSX) and Miljø Grenland/Innovasjon to manufacture electric vehicles in Europe, beginning with an electric version of Tata’s Indica hatchback in Norway, beginning 2009.
In addition to manufacturing electric vehicles based
on Tata Motors' products, Miljø will produce Lithium Ion
SuperPolymer® batteries, developed by Electrovaya.
Electrovaya will receive equity in Miljø, a technology license fee
and a royalty based on the value of its proprietary SuperPolymer® batteries
to be used in the electric cars.
Tata Motors’ UK subsidiary, Tata Motors European Technical Centre plc, holds 50.3% of
the equity of Miljø.
The Indica EV is scheduled for launch in Europe
during 2009. According to Tata, the vehicle is capable of carrying 4 people and has adequate
luggage space, with a predicted range of up to 200 km (120 miles)
and acceleration of 0-60 kmph (37 mph) in under 10 seconds.
