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Electrovaya Inc. (NASDAQ: ELVA, TSX: ELVA) is a pioneering company in the global energy transformation landscape. Based in Ontario, Canada, Electrovaya specializes in designing, developing, and manufacturing proprietary lithium-ion batteries and battery systems. The company's products are primarily used for energy storage, clean electric transportation, and other specialized applications. Leveraging its extensive intellectual property and technology focus, Electrovaya's Infinity Battery Technology Platform provides enhanced safety and industry-leading battery longevity.
The company has demonstrated consistent financial growth. For the first quarter of fiscal year 2024, Electrovaya reported $0.6 million in Adjusted EBITDA, marking the fourth consecutive quarter of positive Adjusted EBITDA. Gross margins improved by 360 basis points to 29%, with battery systems exceeding 30%. The company reaffirmed its fiscal 2024 revenue guidance of $65 to $75 million, driven by an increasing order backlog and an updated three-year strategic supply agreement with two of the largest OEMs in the material handling sector.
Electrovaya's financial outlook remains positive, underpinned by expanding strategic supply agreements and a growing order backlog. The company is also making significant strides in integrating its Infinity Battery Technology into new verticals such as electric buses, construction, mining vehicles, and energy storage applications. The Jamestown, New York gigafactory project is another crucial milestone, aimed at scaling up production capabilities. The company has increased its non-dilutive working capital debt facility to support further revenue growth and project financing goals.
Recent achievements include the approval of the fifth generation Battery Management System (BMS) by UL for high-voltage applications, and successful integration of wireless charging capabilities into their battery systems. Additionally, Electrovaya has formed a supply agreement with Sumitomo Corporation Power & Mobility for the Asia-Pacific region, further enhancing its market reach.
Electrovaya's continuous innovation and strategic partnerships position it as a leading player in the heavy-duty electric vehicle and energy storage markets. The company's commitment to developing next-generation solid-state battery technology underscores its role in driving the global energy transformation.
Electrovaya Inc. (NASDAQ/TSX: ELVA) has successfully completed the full exercise of its over-allotment option, resulting in the sale of an additional 776,250 common shares at US$2.15 per share, generating extra gross proceeds of US$1.67 million. Combined with the previously completed public offering of 5,175,000 shares, the total offering reached 5,951,250 shares, bringing aggregate gross proceeds to US$12.8 million.
The company plans to use the net proceeds to meet conditions for a loan from the Export-Import Bank of the United States, repay existing working capital facility amounts ahead of proposed bank refinancing, and settle outstanding amounts related to its Jamestown, New York manufacturing facility purchase.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) has completed its public offering of 5,175,000 common shares at US$2.15 per share, raising gross proceeds of approximately US$11.1 million. Roth Capital Partners served as the sole book-running manager, with Raymond James and Craig-Hallum Capital Group as co-lead book-running managers. The company granted Roth a 45-day over-allotment option for up to 776,250 additional shares. The proceeds will be used to satisfy Export-Import Bank loan conditions, repay existing working capital facility, and cover costs related to the Jamestown, New York manufacturing facility purchase.
Electrovaya (Nasdaq/TSX: ELVA) announced that its Infinity Series Lithium Iron Phosphate (LFP) cells have achieved UL2580 recognition, a globally recognized safety standard for rechargeable lithium-ion batteries in electric vehicles. The certification includes passing stringent tests like the external fire test (projectile test), demonstrating exceptional safety and reliability.
The company's NMC-based cells had previously achieved the same certification. Both LFP and NMC cells will be manufactured at Electrovaya's planned facility in Jamestown, New York. CEO Dr. Raj DasGupta emphasized the company's commitment to delivering safe and reliable battery solutions for energy storage and electric vehicle applications.
Electrovaya (NASDAQ:ELVA) reported its FY2024 financial results with revenue of $44.6 million, slightly up from $44.1 million in FY2023. The company achieved significant milestones including improved gross margins of 30.7%, six consecutive quarters of positive Adjusted EBITDA totaling $4.1 million, and positive operating cash flow of $1.0 million.
Key developments include securing a $50.8 million direct loan from the Export-Import Bank of the United States for battery manufacturing in Jamestown, NY, adding a new global construction equipment OEM customer, and receiving follow-on orders from existing customers. The company provided FY2025 guidance expecting revenues to exceed $60 million.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, has scheduled the release of its fourth quarter and fiscal year 2024 financial results for Thursday, December 12, 2024, after market close. A conference call will follow at 5:00 p.m. ET, featuring CEO Dr. Raj DasGupta and CFO John Gibson, who will discuss the results and provide a business update. The call will be accessible via toll-free (877-545-0523) and international (973-528-0016) numbers, with participant code 841419. A replay will be available for two weeks until December 26, 2024.
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.
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