News that former Chrysler head Tom LaSorda has joined the board of lithium ion battery producer Electrovaya Inc. boosted the company's shares by more than 20 per cent Monday on the TSX.
Shares in Electrovaya (TSX:EFL) were up 19 cents at $1.14 after the company announced Chrysler's former president and CEO will work alongside its chief executive, Sankar DasGupta, to advise on Electrovaya's growth strategy. Almost 600,000 shares had traded hands by early afternoon.
Earlier in the day, the Toronto-based company's stock had been up by more than 25 per cent to $1.19.
``We are pleased to have Tom join Electrovaya as a board member and as special adviser to the CEO,'' DasGupta said in a statement.
``Tom brings extensive management experience and industry knowledge to Electrovaya as it develops key partnerships within the global auto industry and as it navigates a period of exceptional market growth.''
LaSorda said he was looking forward to helping Electrovaya with its growth strategy, praising the company's environmentally friendly approach and cutting-edge technology.
``This is an exciting time for Electrovaya and the industry as it transitions to adopt more efficient, cleaner technologies in the production of new vehicles,'' LaSorda said.
``I am very impressed with Electrovaya's roster of automotive partners, its proprietary technology and its toxin-free manufacturing process for lithium ion batteries.''
``As the only major zero-emission manufacturer of lithium ion batteries, Electrovaya is uniquely positioned to address this vast new market for electric vehicles and other products,'' he said.
LaSorda, who is from Windsor, Ont., has worked in the auto industry for more than 30 years, including a 23-year stint at General Motors. He most recently served as president and vice-chairman at Chrysler, leaving last June when the company was acquired by Italian automaker Fiat Group SpA.
Chrysler has foundered in recent years as demand for gas-guzzling vehicles waned across North America. The automaker filed for bankruptcy protection in 2008 and was forced to restructure with the help of a multibillion-dollar government bailout.
