Electrovaya Stock Price, News & Analysis

Electrovaya (NASDAQ/TSX: ELVA), a lithium ion battery technology and manufacturing company, has announced an upcoming investor webcast scheduled for December 5, 2024, at 2:00 pm EST. The presentation will be hosted by Bristol Capital and led by CEO Dr. Raj DasGupta and CFO John Gibson.

Investors will have the opportunity to participate in an interactive Q&A session following the corporate presentation. Pre-registration is required through the provided Zoom link. An archived version of the webcast and presentation will be made available on Electrovaya's website.

Electrovaya (NASDAQ/TSX: ELVA) has secured a US$4.1 million purchase order for batteries from a Fortune 500 retailer in the United States. The batteries will power material handling electric vehicles at two warehouse sites. The customer, which has been using Electrovaya's batteries since 2022 with over 1,000 units in operation, plans to convert additional distribution centers' fleets in 2025. This order marks the beginning of the customer's fleet conversion strategy, with four more sites planned for future conversion.

Electrovaya reports preliminary unaudited FY2024 revenue of approximately $44.6 million with a 31% gross margin and expects operating profit with improved Adjusted EBITDA. The company projects FY2025 revenues to exceed $60 million, driven by renewed demand from largest end users. The US EXIM Bank approved a $50.8 million direct loan for Electrovaya's Jamestown, NY manufacturing expansion, expected to begin disbursements in Q1 2025. The facility will have a 6-year term with an anticipated 4.25% interest rate. Operations at Jamestown are expected to commence in first half of 2026, supported by additional $6.5 million in incentives from Empire State Development.

Electrovaya (NASDAQ/TSX: ELVA) has received follow-on orders for its Infinity-HV battery systems from a global aerospace and defense company after successful extensive testing in mission-critical off-road defense applications. The initial Infinity-HV battery product, delivered nearly a year ago, demonstrated strong reliability and met extreme performance requirements. The systems will be manufactured at the company's Jamestown, New York facility, which recently received a $50.8 million direct loan approval from The Export-Import Bank of the United States (EXIM) to support its gigafactory operations.

Electrovaya (NASDAQ/TSX: ELVA) has secured a US$50.8 million direct loan from the Export-Import Bank of the United States (EXIM) under their 'Make More in America' initiative. The funding will support equipment, engineering, and setup costs for Electrovaya's battery manufacturing facility in Jamestown, New York.

The facility will produce proprietary Infinity lithium-ion ceramic cells and is scheduled to begin commercial shipments in early 2026. Expected to create over 250 jobs, the facility will support exports to Japan, Canada, and Australia. The project will benefit from IRA 45X production tax credits and New York state incentives. The facility will be powered by clean renewable energy and aims to produce what the company describes as the longest-lasting and safest lithium-ion cells.

Electrovaya (NASDAQ/TSX: ELVA) has received a US$3.5 million purchase order for immediate battery delivery through its OEM sales channels. The batteries will power material handling electric vehicles in warehouse operations for a Fortune 100 e-commerce company in the United States and Australia. The customer, currently operating Electrovaya batteries in more than 30 distribution centers, is the company's largest global end user.

Electrovaya (NASDAQ/TSX: ELVA) has been awarded a Clean Technology recognition in Deloitte's 2024 Technology Fast 50 program for the second consecutive year. The award acknowledges Canada's leading clean innovators reducing environmental impacts. The company's Infinity Battery technology, known for its longevity and safety features, has been successfully commercialized and is being implemented in various mission-critical applications. To qualify for the Clean Technology category, companies must demonstrate revenue growth from $50,000 in 2020 to $5 million in 2023, with the majority of revenue coming from environmentally beneficial products or services.

Electrovaya (NASDAQ/TSX: ELVA), a lithium ion battery technology and manufacturing company, has announced its participation in two upcoming investor conferences. CEO Dr. Raj DasGupta will attend the 15th Annual Craig-Hallum Alpha Select Conference on November 19, 2024, in New York, featuring one-on-one meetings. Additionally, he will participate in the UBS Global Industrials & Transportation Conference from December 3-5, 2024, in Manalapan, FL, which will include one-on-one meetings, small group meetings, and fireside presentations.

Electrovaya Inc. (NASDAQ:ELVA, TSX:ELVA.TO), a lithium ion battery technology and manufacturing company, has received C$2 million in funding from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). This non-dilutive funding will support investments in automation, AI, and capacity enhancements at Electrovaya's Mississauga, Ontario manufacturing facility.

The funding aims to assist Electrovaya in scaling deployments of its Infinity Lithium Ion Battery technology for applications requiring industry-leading safety and longevity, including robotics, material handling, locomotives, and other mission-critical uses. The investment aligns with Canada's goal of reaching net-zero emissions and building a competitive EV sector in Southern Ontario.