Every now and then, I will do an assessment of this company. The Manitoba project is a very intriging one. If it works, it will have a major impact on the cost of lithium batteries for hybrid and electrical vehicles. Simply, the residual value of any lithium battery in these vehicles will not be zero but someone will pay for these end-of-cycle batteries. This will drive the cost of the lithium batteries down. If the battery cost comes down, it will have a better chance to be accepted. Further cost reduction will follow because of the economics of scale and the improvement/streamline of the process.

I find that the grid storage will have incredible synergy with the EV space if it works, i.e. 1 + 1 = 2.5. The grid storage space might actually help the EV to take off because it could lower the battery cost of the vehicle. This only works if the recycled batteries can be used in the grid storage system but it remains to be seen.

Therefore, it is still a super speculative play but it is getting interesting.

Another point is the un-named US utility earlier this year, I beleive is Arizona Public Service. You can find more information about the project from the following link:

https://solarhighpen.energy.gov/high_penetration_of_photovoltaic_generation_study_%E2%80%93_flagstaff_community_power

I hope we can see Electrovaya signs up with some Japanese utilities company and perhaps some Indian ones. This space may actually help Electrovaya a great deal as we still wait for the EV space to develop.

As I said before, this is a super speculative stock and there are a lot of "if"s attached to this company. Not only its technology has to work, but also it needs to have good business execution.