EFLVF - EFLVF STOCK NEWS

Electrovaya Inc. has launched Electrovaya Labs, a new division focused on advancing solid state lithium ion battery technology. The division will leverage a dedicated research facility at Sheridan Science and Technology Park in Ontario to enhance technological development. CEO Dr. Sankar Das Gupta emphasized the importance of this initiative for maintaining Electrovaya's competitive edge in battery safety and performance. This move aligns with their goal to innovate and commercialize proprietary technologies.

Electrovaya Inc. announced a settlement with the Administrator of Litarion GmbH regarding claims from Litarion's insolvency proceedings that began in 2018. The company will pay €221,000 in installments over nine months. This settlement includes certain intellectual property, with Electrovaya previously acquiring 30 patents related to ceramic separators and battery cells. This resolution is expected to satisfy the company’s liabilities in full and clear the way for future operations.

Electrovaya Inc. reported a 50% year-over-year increase in quarterly revenue, reaching $2.9 million for Q2 FY2021, compared to $1.9 million in Q2 FY2020. Year-to-date revenue surged 96% to $5.5 million. Despite this growth, EBITDA remained negative at $0.8 million. The company ended the quarter with $2.5 million in cash and raised $7.8 million through share placements. Electrovaya plans to list on NASDAQ and launched a new electric bus battery system, marking its entry into the electric bus market. However, ongoing uncertainties from COVID-19 have led to the withdrawal of FY2021 guidance.

Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) is set to announce its financial results for the quarter ending March 31, 2021, on May 11, 2021, after market closure. CEO Dr. Sankar Das Gupta and EVP & CFO Richard Halka will present a business update during a conference call scheduled for May 12, 2021, at 8:00 a.m. ET. The call will be accessible via toll-free US and Canada lines, and a replay will be available for two weeks post-call. Electrovaya specializes in Lithium Ion Super Polymer® batteries, aiming at energy storage and clean transportation solutions.

Electrovaya has launched its first 700V, 300kWh lithium-ion battery system for electric buses, marking its entry into the electric bus market. Supported by Sustainable Development Technology Canada, this development promises industry-leading safety and long cycle life, along with the lowest overall cost of ownership. Electrovaya aims to replicate its success in material handling within the electric bus sector. The new battery technology is expected to reduce greenhouse gas emissions significantly, advancing sustainable transportation efforts.

Electrovaya Inc. has filed an application to list its common shares on the NASDAQ Stock Market, aiming to enhance its investor profile and attract more investors. The company derives most of its revenue from the U.S. and is expanding its battery sales following a strategic agreement with Raymond Corp. Notably, Electrovaya holds over 100 patents in lithium-ion technology, indicating strong R&D capabilities. However, the NASDAQ listing is contingent upon meeting regulatory requirements, with no guarantee of approval.

Electrovaya Inc. (TSX:EFL, OTCQB:EFLVF) announced that all resolutions proposed at the Annual and Special Meeting on February 17, 2021, were approved. Six directors were elected with over 96% approval. The reappointment of Goodman & Associates LLP as auditors was confirmed. A resolution to amend the stock option plan received 95.13% of votes in favor, while a special resolution for possible share consolidation garnered 94.76% support. By-Law No. 2 was approved with 99.71% backing. Detailed voting results are available on SEDAR.

Electrovaya Inc. announces its annual general and special meeting on February 17, 2021, at 4:00 p.m. ET, in Mississauga, Ontario. To ensure health and safety amidst COVID-19, shareholders are encouraged to vote by proxy rather than attend in person. Voting options include mail, fax, or email, with detailed instructions provided in the management information circular available on the company's profile. The meeting will not be virtual, but shareholders can listen via a teleconference. A corporate update will follow the meeting.

Electrovaya reported Q1 FY2021 financial results with revenue of $2.6 million, a significant increase from $0.9 million in Q1 FY2020, reflecting growing customer demand. Despite a negative EBITDA of $0.8 million, R&D expenditures rose by $0.5 million. The company raised $6.4 million through a private placement, enhancing its balance sheet. Key developments include completing initial deliveries under the Raymond Strategic Supply Agreement and achieving UL2580 certification for over 25 battery models, strengthening safety and competitive positioning.