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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 (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.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) has entered into a Strategic Supply Agreement with Innovative Rail Technologies, (IRT) to provide Infinity battery systems for IRT's electric locomotive systems. IRT specializes in electrifying locomotives with its proprietary lithium-ion adaptive system, targeting applications in industrial operations, short line railroads, ports, defense, and commuter rail.
IRT's Partner, Mike Nicoletti, expressed enthusiasm about working with Electrovaya, citing the unique benefits of their Lithium-Ion HV-Battery system, including safety and long cycle-life. Electrovaya's CEO, Dr. Raj DasGupta, highlighted the company's competitive advantages in safety and cycle life for heavy-duty electrified applications, noting that this partnership enhances Electrovaya's sales reach and ability to serve large market opportunities in the rail sector.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA.TO), a lithium ion battery technology and manufacturing company, has received its first purchase orders for pre-production battery modules from a global Japanese construction equipment manufacturer. These modules will be part of an electric excavator program with an estimated scaled production start in 2026. Initial shipments are expected to be delivered in Q2 FY2025 to a manufacturing site in Japan.
This order marks Electrovaya's entry into the construction vehicles market and the Japanese market. The order was received under the company's recently established supply agreement with a leading Japanese trading company. Electrovaya's CEO, Dr. Raj DasGupta, highlighted that their Infinity Technology, known for its leading cycle life and safety, is well-suited for electrified heavy-duty equipment used in construction.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) reported its Q3 FY2024 financial results, showing revenue of $10.3 million and Adjusted EBITDA of $0.6 million. The company experienced continued gross margin growth, reaching 33.7% for the quarter. Electrovaya is making progress in meeting strategic financing objectives, including refinancing existing working capital facilities and negotiating with a US federal agency for financing its planned Jamestown, New York lithium-ion battery manufacturing facility. The company revised its revenue guidance for FY2024 to $45 million due to order delays. Electrovaya is focusing on new product development and business initiatives to support rapid growth in fiscal 2025 and beyond.
Electrovaya Inc. (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, has announced the date for its Q3-2024 financial results release and conference call. The company will file and release its third quarter results, ending June 30, 2024, after market close on Tuesday, August 13, 2024. This will be followed by a conference call at 5:00 p.m. ET on the same day, featuring CEO Dr. Raj DasGupta and CFO John Gibson, who will discuss the financial results and provide a business update. For those unable to attend, a replay will be available for two weeks until August 27, 2024.
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