Electrovaya Announces Increase in Credit Facility to C$16 million

Rhea-AI Summary

Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) has announced an increase in its credit facility from C$14 million to C$16 million. This increase aims to support the company's sales growth and address the current purchase order backlog. In exchange for the credit amendments, Electrovaya paid a C$50,000 fee in shares to its lender. CFO John Gibson expressed satisfaction with the non-dilutive nature of this support, which he believes will further assist the company's expansion efforts.

Positive

• Increased credit facility from C$14 million to C$16 million to support sales growth.
• Paid only a C$50,000 fee in shares, demonstrating non-dilutive financing.
• Funds will help meet existing purchase order backlog.

Negative

• None.

TORONTO, ON / ACCESSWIRE / July 21, 2022 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery technology and manufacturing company, today announced that its credit facility has been increased from C$14 million to C$16 million to support its sales growth. As consideration for these amendments, Electrovaya has paid a fee of C$50,000, paid in shares to the financial institution.

"We are very pleased with the essentially non-dilutive support our lender has provided to us," said John Gibson, CFO of Electrovaya. "We believe the increased support from the revolving credit facility will assist us with our continued growth and in meeting the existing purchase order backlog."

For more information, please contact:

Investor and Media Contact:

Jason Roy
Electrovaya Inc.
Telephone: 905-855-4618
Email: jroy@electrovaya.com

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) 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 without compromising energy and power. Electrovaya is a technology-focused company with extensive IP, designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.

Forward-Looking Statements

This press release contains forward-looking statements relating to the deployment of the Company's products by the Company's customers and the timing for delivery thereof, 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" 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 the purchase and deployment of the Company's products by the Company's customers and users, and the timing for delivery thereof, and levels of expected sales and expected further purchases and demand growth are based on an assumption that the Company's customers and users will deploy its products in accordance with communicated intentions, that the Company will be able to deliver the ordered products on a basis consistent with past deliveries, and the anticipation of the Company delivering batteries in Q3 and Q4 FY2022 on the present purchase order are all based on assumptions by the company and its end users. 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, economic conditions generally and their effect on consumer demand, labour shortages, supply chain constraints, the potential effect of COVID restrictions in Canada 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 the 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, 2021 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.

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https://www.accesswire.com/709283/Electrovaya-Announces-Increase-in-Credit-Facility-to-C16-million

FAQ

What is the recent credit facility increase for Electrovaya (EFLVF)?

Electrovaya has increased its credit facility from C$14 million to C$16 million to support sales growth.

How much did Electrovaya pay for the credit facility amendment?

Electrovaya paid a fee of C$50,000 in shares for the credit facility amendment.

Who is the CFO of Electrovaya?

The CFO of Electrovaya is John Gibson.

What will the increased credit facility help Electrovaya achieve?

The increased credit facility will assist Electrovaya in meeting its existing purchase order backlog.