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Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) announced plans to develop high-voltage stationary energy storage battery systems using its proprietary Infinity Battery Technology. This technology, already used in material handling electric vehicles, boasts superior cycle life and safety. CEO Dr. Raj DasGupta highlighted the growing stationary storage market and the advantages of their technology in terms of life cycle cost. Electrovaya's gigafactory in Jamestown, NY, and government incentives from the Inflation Reduction Act position the company for success. The company will showcase its innovations at the Intersolar North America event in February.
Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) will attend the Barclays Global Automotive and Mobility Tech Conference on November 30, 2022, at 12:00 PM ET. The event will showcase key players in the mobility sector, including automakers and suppliers. It features fireside chats, Q&A sessions, and opportunities for one-on-one meetings with investors.
Electrovaya specializes in lithium-ion battery technology aimed at energy storage and clean transportation, focusing on both commercial and passenger vehicles.
Electrovaya Inc. has successfully completed a private placement, raising approximately C$14.8 million by issuing 17,543,402 units at $0.8461 each. Each unit comprises one common share and one-half warrant, allowing investors to acquire shares at C$1.06 until November 9, 2025. If the company’s shares are not listed on the Nasdaq by April 30, 2023, the warrant exercise price will adjust to C$0.94. The funds will be utilized for working capital, debt repayment, and startup costs. The offering is conditionally approved for listing on the Toronto Stock Exchange.
Electrovaya Inc. has announced a C$14.8 million private placement of common shares and warrants, agreeing to issue 17,543,402 shares and warrants exercisable for 8,771,700 shares at C$0.8461 each. This financing aims to support the company's future growth, with an anticipated Nasdaq listing by April 30, 2023. The offering is seconded by Craig-Hallum Capital Group as the placement agent and is contingent upon customary closing conditions.
Electrovaya focuses on lithium-ion battery technology for energy storage and clean transportation solutions.
Electrovaya Inc. (TSX:EFL; OTCQB:EFLVF) announced a revenue update for Q4 FY2022, reporting preliminary unaudited revenue of $9.7 million, a 131% increase year-over-year. For FY2022, revenue reached $19.5 million, reflecting a 68% growth compared to FY2021. The company maintains its revenue guidance for FY2023 at approximately $42 million. CEO John Gibson highlighted that production targets were met despite minor supplier delays, indicating strong momentum moving into the next fiscal year.
Electrovaya Inc. has announced the establishment of its first U.S. gigafactory in New York State, aimed at producing high-performance lithium-ion cells and batteries. The facility will occupy 137,000 square feet on a 52-acre site near Jamestown and is expected to create approximately 250 jobs. With an estimated capital cost of $75 million, the gigafactory aims to produce over 1 GWh of battery systems over the next five years. The New York State government is supporting this project with tax credits and funding, addressing the increasing demand for lithium-ion batteries in various applications.
Electrovaya Inc. reported significant financial growth for Q3 FY2022, with revenue rising to $4.3 million, a 124% increase from Q3 FY2021. The company received over $30 million in firm purchase orders, resulting in projected Q4 FY2022 sales of approximately $11 million. Despite a gross margin drop to 25% from 37% in the prior year, management anticipates revenues to exceed $42 million in FY2023. The company faces risks from supply chain disruptions but continues to adapt by locking in component prices and managing inventory effectively.
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.
Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) announced its largest single order for Materials Handling Electric Vehicle (MHEV) batteries, valued at approximately US$11 million. This order is part of a total exceeding US$40 million for MHEV batteries in 2022. The batteries will supply a leading Fortune 100 company across four distribution centers in the U.S. Most deliveries will occur in the fiscal fourth quarter ending September 30, 2022. CEO Dr. Raj DasGupta highlighted the increasing order run rate, while CFO John Gibson noted strong inventory levels for timely deliveries.
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