Electrovaya Receives the Make More in America Deal of the Year Award at Export-Import Bank of the United States' 2025 Annual Conference

Rhea-AI Summary

Electrovaya has been awarded the Make More in America Deal of the Year Award at the Export-Import Bank of the United States' (EXIM) 2025 Annual Conference. The recognition comes for their commitment to bringing lithium-ion battery manufacturing to the U.S.

The company received a $51 million direct loan from EXIM in November 2024 to support their Jamestown, New York facility's construction and equipment procurement. This expansion will:

• Support approximately 290 U.S. jobs
• Reshore critical production from overseas competitors
• Enable battery cell and module production previously made in China

CEO Raj DasGupta highlighted strong interest in U.S.-manufactured products and plans for rapid production scaling. The project aligns with EXIM's China and Transformational Exports Program, supporting domestic manufacturing and economic security.

Positive

• Received $51M EXIM direct loan for US manufacturing facility expansion
• Creating 290 new US jobs through manufacturing expansion
• Reshoring critical battery production from China to US
• Significant customer interest reported for US-manufactured products
• Recognition through Make More in America Deal of the Year Award

Negative

• Currently dependent on Chinese manufacturing for battery cells and modules
• Significant capital expenditure required for facility construction and equipment

TORONTO, ON / ACCESS Newswire / April 30, 2025 / Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announces that it has received the Make More in America Deal of the Year Award today at the Export-Import Bank of the United States' (EXIM) 2025 Annual Conference in recognition of the company's demonstrated commitment to onshoring critical lithium ion battery manufacturing to the U.S.

With manufacturing in Jamestown, New York, Electrovaya is a dynamic business, specializing in the development and manufacturing of lithium-ion batteries for a variety of applications. In November 2024, the Board of Directors of EXIM approved a nearly $51 million direct loan to support the interior construction of a manufacturing facility and procure equipment for lithium-ion battery cell and module production lines that will aid in the company's increased production capacity. In addition to supporting an estimated 290 U.S. jobs, the transaction will also see the reshoring of a critical part of the production cycle from overseas competitors.

"EXIM remains committed to the expansion of domestic exports and rebuilding of a resilient stateside critical minerals supply chain," said Acting President and Chairman Jim Cruse. "The financing we were able to provide Electrovaya further underscores our dedication to supporting American businesses while enhancing U.S. manufacturing and reinforcing the country's economic security."

"EXIM's support has been instrumental in accelerating Electrovaya's growth in the U.S. and to support the company's domestic manufacturing plans. Through EXIM's support, Electrovaya will be reshoring considerable production from Asia," said Raj DasGupta, Chief Executive Officer of Electrovaya. "The company is witnessing significant interest for its U.S.-manufactured products and expects to quickly ramp up production. The financing support enables us to expand battery manufacturing, scale production, and bring our safe, long-lasting lithium-ion technology to more customers." The expansion of the manufacturing facility will allow Electrovaya to produce battery cells and modules which are currently produced in China, and therefore also falls under EXIM's China and Transformational Exports Program.

About EXIM

The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.

Investor and Media Contact:

Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com / 905-855-4618

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.

SOURCE: Electrovaya, Inc.

View the original press release on ACCESS Newswire

FAQ

What is the value of EXIM's loan to Electrovaya (ELVA) for its US battery manufacturing facility?

EXIM approved a $51 million direct loan to Electrovaya in November 2024 for interior construction and equipment procurement for lithium-ion battery production lines in Jamestown, New York.

How many US jobs will Electrovaya's (ELVA) new Jamestown manufacturing facility create?

The Electrovaya manufacturing facility in Jamestown, New York is expected to support approximately 290 U.S. jobs.

What manufacturing is Electrovaya (ELVA) moving from China to the United States?

Electrovaya is reshoring battery cell and module production from China to its Jamestown, New York facility, which was previously manufactured in Asia.

Why did Electrovaya (ELVA) receive the Make More in America Deal of the Year Award 2025?

Electrovaya received the award for its commitment to onshoring critical lithium-ion battery manufacturing to the U.S., supported by EXIM's $51 million loan for its Jamestown facility.

What is the purpose of Electrovaya's (ELVA) new US manufacturing expansion?

The expansion aims to increase production capacity, expand battery manufacturing, and bring Electrovaya's safe, long-lasting lithium-ion technology to more customers while reshoring production from Asia.