TORONTO — Clean power technology developer Electrovaya (TSX:EFL) has struck a deal to provide batteries for vehicles to be produced by a firm headed by Malcolm Bricklin, creator of the legendary Bricklin sports car.

Electrovaya said Monday it has signed a memorandum of understanding with Visionary Vehicles for a line of plug-in hybrid vehicles.

"We have been reviewing battery manufacturers from the United States, Europe and Asia for 14 months,'' Bricklin said in a release

"We are thrilled to have found Electrovaya and we are excited to enter into a long-term strategic partnership with them. This is a complex new terrain and the methodology and science that Electrovaya has developed stands apart from others.''

The joint venture will form a standalone company to develop and manufacture batteries and battery management systems.

Under the agreement, Electrovaya will receive royalties and licence fees, 50 per cent ownership in the joint venture and an option to participate in Visionary Vehicles's share structure.

Visionary Vehicles will get an option to purchase a small portion of Electrovaya's outstanding shares.

The Bricklin SV-1 was a Canadian-built gull-wing sports car produced in the 1970s at plants in New Brunswick. The car sold poorly and the company went into receivership in 1975.