August 16, 2010 / 10:54 AM / 7 years ago

UPDATE 1-Electrovaya posts narrower Q3 loss

* Q3 net loss $363,000 vs $915,000 yr ago

* Q3 rev up 48 pct

* Says utility-scale energy storage systems gain traction

Aug 16 (Reuters) - Canada's Electrovaya (EFL.TO), a zero-emission lithium ion battery systems maker, reported a narrower quarterly loss as it ramped up supply of its battery packs.

Smart grid and utility-scale energy storage systems have started gaining traction, the company said in a statement.

It added that the program with CEATI (Centre for Energy Advancement through Technological Innovation) and a number of utilities is expected to lead to system installation by early 2011.

In March, the company said it plans to speed the commercialization of clean transportation with its advanced power system for zero-emission electric vehicles and plug-in hybrid electric vehicles. [ID:nN22191430] For the third quarter ended June 30, the company reported a net loss of $363,000, or 1 cent a share, compared with $915,000, or 1 cent a share, a year ago.

Revenue rose 48 percent to $1.3 million.

Shares of the Mississauga, Ontario-based company, which have nearly quadrupled year to date, closed at C$3.09 Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Unnikrishnan Nair)

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