Cloud-Based System Announcement Sends Battery Maker Soaring

An Ontario-based industrial company just made a major announcement that the company is launching a new cloud-based battery analytics system called EVISION. According to the release, "this new system is cloud-based and is able to track battery operational usage in Electrovaya-powered applications such as lift trucks or electric buses in real time." Shares of Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) rallied on the news.

Electrovaya Inc. designs, develops, and manufactures proprietary lithium ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. It is a technology focused company extensive IP. The company generates revenue from the sale of batteries and battery systems.

Traders were bullish on the news as shares shot up to $1.18/share (+9.26%) at the mid-session high. This move is a continuation of the success this stock has had so far this month as it attempts to continue its breakout from the long term down trend it was in since February.