Electrovaya Commences Drawdown on Export-Import Bank of the United States ("EXIM") Loan Facility and Provides a Business Update
Electrovaya (NASDAQ:ELVA) has initiated drawdowns on its $50.8 million EXIM debt facility for its Jamestown, NY battery manufacturing facility. The facility features a 4.90% fixed interest rate with a 6.5-year term, including 6 months without payments, followed by 12 months of interest-only payments.
The company reports progress in its Jamestown site construction, including completed design reviews of assembly processes and equipment customized for Electrovaya's Infinity lithium-ion technology. Additionally, Marvin Lee, a senior engineering executive with 25+ years of experience from GM, Renault, and LG Energy Solution, has joined to support manufacturing operations.
The company is expanding its engineering team in Jamestown, while Prof. Donald Sadoway has stepped down from the Board due to potential conflicts of interest.
Electrovaya (NASDAQ:ELVA) ha avviato i pagamenti parziali sulla facilità di debito EXIM da 50,8 milioni di dollari per l'impianto di produzione di batterie a Jamestown, NY. La struttura prevede un tasso di interesse fisso del 4,90% con una durata di 6,5 anni, inclusi 6 mesi senza pagamenti, seguiti da 12 mesi di pagamenti solo interessi.
L'azienda segnala progressi nei lavori di costruzione del sito di Jamestown, tra cui il completamento delle revisioni di progettazione dei processi di assemblaggio e delle apparecchiature progettate su misura per la tecnologia agli ioni di litio Infinity di Electrovaya. Inoltre, Marvin Lee, dirigente senior dell'ingegneria con oltre 25 anni di esperienza in GM, Renault e LG Energy Solution, si è unito al team per supportare le operazioni di produzione.
L'azienda sta espandendo il suo team di ingegneria a Jamestown, mentre il professor Donald Sadoway ha rassegnato le dimissioni dal Consiglio a causa di potenziali conflitti di interesse.
Electrovaya (NASDAQ:ELVA) ha iniciado retiradas de su facilidad de deuda EXIM de 50,8 millones de dólares para su planta de fabricación de baterías en Jamestown, Nueva York. La instalación propone un tasa de interés fija del 4,90% con un plazo de 6,5 años, que incluye 6 meses sin pagos, seguidos de 12 meses de pagos únicamente de intereses.
La empresa reporta avances en la construcción del sitio de Jamestown, incluyendo la revisión de diseño completada de los procesos de ensamblaje y del equipo personalizado para la tecnología de ion de litio Infinity de Electrovaya. Además, Marvin Lee, ejecutivo sénior de ingeniería con más de 25 años de experiencia en GM, Renault y LG Energy Solution, se ha incorporado para apoyar las operaciones de fabricación.
La compañía está ampliando su equipo de ingeniería en Jamestown, mientras que el Prof. Donald Sadoway ha dado un paso atrás en la Junta por posibles conflictos de interés.
Electrovaya(NASDAQ:ELVA)는 Jamestown, NY의 배터리 제조 시설을 위한 50.8백만 달러 EXIM 채무시설에서 인출(drawdowns)을 시작했습니다. 이 시설은 고정 이자율 4.90%로 6.5년의 기간을 가지며, 6개월 무상 기간 후 12개월은 이자만 납부합니다.
회사는 Jamestown 현장 건설의 진척 상황을 보고하고 있으며, Electrovaya의 Infinity 리튬 이온 기술에 맞춘 조립 공정 및 장비 설계 검토를 완료했습니다. 또한 Marvin Lee는 GM, Renault, LG Energy Solution에서 25년이 넘는 경력을 가진 선임 엔지니어로서 제조 운영 지원을 위해 합류했습니다.
회사는 Jamestown의 엔지니어링 팀을 확장하고 있으며, 잠재적 이해충돌 가능성으로 인해 Prof. Donald Sadoway가 이사회에서 물러났습니다.
Electrovaya (NASDAQ:ELVA) a commencé à débloquer des fonds sur sa facilité d'emprunt EXIM de 50,8 millions de dollars pour son usine de fabrication de batteries à Jamestown, NY. L'installation propose un taux d'intérêt fixe de 4,90% sur une durée de 6,5 ans, comprenant 6 mois sans paiements, suivis de 12 mois de paiements uniquement d'intérêts.
L'entreprise annonce des progrès sur le site de Jamestown, notamment la validation des conceptions des procédés d'assemblage et des équipements sur mesure pour la technologie lithium-ion Infinity d'Electrovaya. Par ailleurs, Marvin Lee, cadre supérieur de l'ingénierie avec plus de 25 ans d'expérience chez GM, Renault et LG Energy Solution, a rejoint l'équipe pour soutenir les opérations de fabrication.
L'entreprise élargit son équipe d'ingénierie à Jamestown, tandis que le Prof. Donald Sadoway a démissionné du conseil d'administration en raison de possibles conflits d'intérêts.
Electrovaya (NASDAQ:ELVA) hat Drawdowns auf seine EXIM-Darlehensfazilität in Höhe von 50,8 Mio. USD für die Batteriefertigungsanlage in Jamestown, NY eingeleitet. Die Einrichtung bietet einen festen Zinssatz von 4,90% mit einer Laufzeit von 6,5 Jahren, einschließlich 6 Monaten ohne Zahlungen, gefolgt von 12 Monaten reinen Zinszahlungen.
Das Unternehmen meldet Fortschritte beim Jamestown-Standort, darunter abgeschlossene Designüberprüfungen der Montageprozesse und der für Electrovaya's Infinity-Lithium-Ionen-Technologie maßgeschneiderten Ausrüstung. Zusätzlich ist Marvin Lee, ein leitender Ingenieur mit über 25 Jahren Erfahrung bei GM, Renault und LG Energy Solution, dem Team beigetreten, um die Fertigungsbetriebe zu unterstützen.
Das Unternehmen erweitert sein Ingenieurteam in Jamestown, während Prof. Donald Sadoway wegen potenzieller Interessenkonflikte vom Vorstand zurückgetreten ist.
Electrovaya (NASDAQ:ELVA) قد بدأت في سحب التمويل من منشأة الدين EXIM بقيمة 50.8 مليون دولار لمرفق تصنيع البطاريات في Jamestown، نيويورك. تتميز المنشأة بمعدل فائدة ثابت قدره 4.90% لمدة 6.5 سنوات، بما في ذلك 6 أشهر بدون دفعات، ثم 12 شهراً من دفعات الفوائد فقط.
يشير الشركة إلى تقدم في أعمال البناء بموقع Jamestown، بما في ذلك انتهاء مراجعات التصميم لعمليات التجميع والمعدات المصممة خصيصاً لتقنية Electrovaya للأيونات الليثيوم Infinity. إضافة إلى ذلك، انضم Marvin Lee، مسؤول هندسي أول لديه أكثر من 25 عاماً من الخبرة من GM ورينو وLG Energy Solution، لدعم عمليات التصنيع.
توسع الشركة فريقها الهندسي في Jamestown، بينما قدم الدكتور دونالد سودواي استقالته من المجلس بسبب احتمال وجود تضارب مصالح.
Electrovaya (NASDAQ:ELVA) 已在其 Jamestown, NY 电池制造厂开始提取其 5080万美元 EXIM 债务设施的资金。该设施提供 4.90% 的固定利率，期限为 6.5 年，包括 6 个月不还款，随后 12 个月仅支付利息。
公司报告 Jamestown 现场施工取得进展，包括对装配流程的设计评审完成，以及为 Electrovaya 的 Infinity 锂离子技术定制的设备。另有 Marvin Lee，拥有 GM、雷诺和 LG Energy Solution 25 年以上经验的高级工程高管，已加入以支持制造运营。
公司正在扩大 Jamestown 的工程团队，同时 Donald Sadoway 教授因潜在利益冲突而从董事会辞任。
- Secured $50.8M EXIM debt facility with favorable 4.90% fixed interest rate
- Completed design reviews for assembly processes and equipment for Jamestown facility
- Hired experienced senior engineering lead Marvin Lee with 25+ years automotive and battery manufacturing expertise
- Expanding engineering team with new hires including automation specialist
- Board member Prof. Donald Sadoway stepped down due to potential conflict of interest
Insights
Electrovaya's $50.8M EXIM loan activation and manufacturing progress mark critical advancement in its Jamestown facility buildout despite governance change.
Electrovaya has initiated drawdowns on its
The company has completed several critical pre-production milestones, including design reviews of assembly processes and equipment specifically customized for their proprietary Infinity lithium-ion technology. Engineering, site planning, and building planning phases have been successfully completed through collaboration with equipment vendors and consulting firms.
On the personnel front, Electrovaya has strengthened its technical capabilities by hiring Marvin Lee, a senior engineering leader with over 25 years of experience including more than a decade at global automotive companies (GM, Renault) and 10+ years in GWh-scale battery manufacturing at LG Energy Solution. The company is also expanding its engineering team in Jamestown, particularly in automation.
A notable governance change occurred with Prof. Donald Sadoway stepping down from the Board of Directors due to a potential conflict of interest with another affiliation. While this represents a loss of expertise, the departure appears to be due to external factors rather than company-specific concerns.
This announcement demonstrates Electrovaya is advancing from planning to execution phase in its manufacturing capacity expansion, supported by secured long-term financing. The combination of facility development, equipment design completion, and engineering talent acquisition suggests the company is progressing systematically toward production capability.
TORONTO, ON / ACCESS Newswire / September 17, 2025 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, today announced that it has commenced drawdowns on its
Interest Rate : Fixed
4.90%
Term: 6.5 years.
Repayments: Following initial draw: 6 months of no payments; 12 months of interest only payments; 60 months of interest and principal payments.
Jamestown Battery Manufacturing Site Construction Update
The Company continues to make progress with its Jamestown battery manufacturing site construction. Some recent progress includes the following:
The EXIM Facility drawdowns will be utilized to pay suppliers as construction and equipment manufacturing milestones are achieved
Electrovaya in collaboration with its lead equipment providers have completed the design reviews of assembly processes and equipment. These are customized to the requirements of Electrovaya's Infinity lithium-ion technology
The Company has collaborated closely with key equipment vendors and third-party consulting firms, and has successfully completed the initial engineering, site, and building planning stages.
Personnel Updates
The Company recently added a senior engineering lead, Marvin Lee, to support efforts to manufacturing setup in Jamestown, New York as well as supporting overall operations. Mr. Lee is an accomplished executive with more than 25 years of professional experience. His background includes over a decade in engineering and development at leading global automotive companies including GM and Renault, as well as more than 10 years specializing in the design, development, and process engineering of GWh scale battery manufacturing at LG Energy Solution (LGES). He holds a bachelor's degree in Materials Engineering and offers extensive expertise and practical knowledge in delivering high-quality engineering solutions.
The Company is also hiring additional engineering staff in Jamestown to support manufacturing and equipment setup. This includes a recent hire of an automation engineer.
Prof. Donald Sadoway has stepped down from the Company's Board of Directors stemming from a potential conflict of interest with one of his other affiliations. While Prof. Sadoway recently joined the board, subsequent events presented the conflict for him in continuing in the role.
Investor and Media Contact:
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
905-855-4618 / jroy@electrovaya.com
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to announcements regarding cell performance, cycle life, longevity, projected performance, extrapolated cycle life, energy density, relative performance compared to competitors, planned production in Jamestown New York, ability to start production in Jamestown in the expected timeframe, expected drawdown schedule for the EXIM loan, ability of new employees to meet expectations, cell performance, safety, cost of ownership, life cycle cost, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective", "seed", "growing" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Statements with respect to solid state batteries, battery technologies and production roadmaps, are based on an assumption that the Company's customers and users will deploy its products in accordance with communicated intentions, and the Company has investment capital to deploy. Important factors that could cause actual results to differ materially from expectations include but are not limited to macroeconomic effects on the Company and its business and on the Company's customers, including inflation and tightening credit availability due to systemic bank risk, economic conditions generally and their effect on consumer demand and capital availability, labour shortages, supply chain constraints, the potential effect of health based restrictions in Canada, the US and internationally on the Company's ability to produce and deliver products, and on its customers' and end users' demand for and use of products, which effects are not predictable and may be affected by additional regional outbreaks and variants, and other factors which may cause disruptions in the Company's supply chain and Company's capability to deliver and develop its products. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2024 under "Risk Factors", and in the Company's most recent annual Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Electrovaya, Inc.
View the original press release on ACCESS Newswire
FAQ
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