Electrovaya to build low-speed electric car

Toronto-based battery manufacturer Electrovaya (TSX: EFL) announced that it plans to get into the car business with a low-speed electric car called the Maya-300.

A release date and pricing for the tiny, two-seater were not disclosed.

"This marks a new era where affordable, zero-emission clean transportation solutions become available with sufficient range for daily local driving," said Sankar Das Gupta, CEO of Electrovaya.

"The Maya-300 is a terrific, high profile solution for many fleet operators with a driving range longer than other low-speed electric vehicles."

Electrovaya said the car would have an extended range of up to 120 miles on a single charge, powered by the company's lithium ion technology with an integrated intelligent battery management system.

The company said the Maya's top speed would be electronically regulated to either 25 or 35 miles per hour, depending on state regulations, with an on-board battery charger designed to work with standard 110 volt outlets.

Electrovaya has made batteries for electric vehicles before, but this is the first time the company has started its own auto venture.

Earlier this month, Electrovaya signed a deal with New York-based Visionary Vehicles to produce batteries for Visionary's planned line of plug-in electric hybrids.

Electrovaya also makes batteries for tablet PCs, solar energy storage, and UPS and stand-by power systems.