Electrovaya and Innovative Rail Technologies Enter into Strategic Supply Agreement for the Supply of Battery Systems for Electric Rail Applications
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) ha siglato un Accordo di Fornitura Strategica con Innovative Rail Technologies (IRT) per fornire sistemi batteria Infinity per i sistemi di locomotive elettriche di IRT. IRT si specializza nell'elettrificazione delle locomotive con il suo innovativo sistema adattivo a ioni di litio, con applicazioni mirate in operazioni industriali, ferrovie di short line, porti, difesa e ferrovie suburbane.
Il partner di IRT, Mike Nicoletti, ha espresso entusiasmo per la collaborazione con Electrovaya, evidenziando i benefici unici del loro sistema batteria HV a ioni di litio, inclusi safety e lunghi cicli di vita. Il CEO di Electrovaya, Dr. Raj DasGupta, ha sottolineato i vantaggi competitivi dell'azienda in termini di sicurezza e ciclo di vita per applicazioni elettrificate ad alta intensità, notando che questa partnership migliora la portata commerciale e la capacità di servire grandi opportunità di mercato nel settore ferroviario.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) ha firmado un Acuerdo de Suministro Estratégico con Innovative Rail Technologies (IRT) para proporcionar sistemas de baterías Infinity para los sistemas de locomotoras eléctricas de IRT. IRT se especializa en la electrificación de locomotoras con su sistema adaptativo de iones de litio, dirigido a aplicaciones en operaciones industriales, ferrocarriles de corta distancia, puertos, defensa y trenes suburbanos.
El socio de IRT, Mike Nicoletti, expresó su entusiasmo por trabajar con Electrovaya, mencionando los beneficios únicos de su sistema de batería HV de iones de litio, que incluyen seguridad y larga vida de ciclo. El CEO de Electrovaya, Dr. Raj DasGupta, destacó las ventajas competitivas de la empresa en seguridad y vida de ciclo para aplicaciones electrificadas de alta carga, señalando que esta asociación refuerza su alcance de ventas y capacidad para atender grandes oportunidades de mercado en el sector ferroviario.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA)는 Innovative Rail Technologies (IRT)와 전략적 공급 계약을 체결하고 IRT의 전기 기관차 시스템에 인피니티 배터리 시스템을 제공하기로 했습니다. IRT는 고유의 리튬 이온 적응 시스템을 사용하여 기관차를 전기화하는 데 전문화되어 있으며, 산업 운영, 단선 철도, 항구, 방어 및 통근 철도와 같은 응용 프로그램을 목표로 하고 있습니다.
IRT의 파트너인 Mike Nicoletti는 Electrovaya와 협력하게 되어 기쁘다고 말하며, 그들의 리튬 이온 HV-배터리 시스템의 독특한 장점인 안전성과 긴 사이클 수명을 언급했습니다. Electrovaya의 CEO인 Dr. Raj DasGupta는 중장비 전기화 응용 프로그램을 위한 안전성과 사이클 수명에서 회사의 경쟁 우위를 강조하며, 이 파트너십이 Electrovaya의 판매 범위와 대규모 시장 기회를 제공하는 능력을 강화한다고 밝혔습니다.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) a conclu un Accord de Fourniture Stratégique avec Innovative Rail Technologies (IRT) pour fournir des systèmes de batteries Infinity pour les systèmes de locomotives électriques d'IRT. IRT est spécialisé dans l'électrification des locomotives avec son système adaptatif lithium-ion propriétaire, ciblant des applications dans les opérations industrielles, les chemins de fer de courte distance, les ports, la défense et les trains de banlieue.
Le partenaire d'IRT, Mike Nicoletti, a exprimé son enthousiasme à l'idée de travailler avec Electrovaya, en soulignant les bénéfices uniques de leur système de batterie HV lithium-ion, y compris la sécurité et une longue durée de cycle. Le PDG d'Electrovaya, Dr. Raj DasGupta, a souligné les avantages concurrentiels de l'entreprise en matière de sécurité et de durée de cycle pour des applications électrifiées lourdes, notant que ce partenariat renforce la portée commerciale et la capacité à saisir de grandes opportunités de marché dans le secteur ferroviaire.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) hat eine Strategische Liefervereinbarung mit Innovative Rail Technologies (IRT) getroffen, um Infinity-Batteriesysteme für die elektrischen Lokomotiven von IRT bereitzustellen. IRT spezialisiert sich auf die Elektrifizierung von Lokomotiven mit seinem proprietären Lithium-Ionen-Adaptive-System und zielt auf Anwendungen in industriellen Betrieben, Kurzkampfbahnen, Häfen, Verteidigung und S-Bahn ab.
Der Partner von IRT, Mike Nicoletti, äußerte Begeisterung über die Zusammenarbeit mit Electrovaya und erwähnte die einzigartigen Vorteile ihres Lithium-Ionen-HV-Batteriesystems, einschließlich Sicherheit und langer Lebensdauer. Der CEO von Electrovaya, Dr. Raj DasGupta, hob die Wettbewerbsvorteile des Unternehmens in Bezug auf Sicherheit und Lebenszyklus für schwerlast-electrified Anwendungen hervor und stellte fest, dass diese Partnerschaft Electrovayas Vertriebsreichweite und Fähigkeit zur Bedienung großer Marktchancen im Schienenbereich verbessert.
- Strategic Supply Agreement with Innovative Rail Technologies for battery systems in electric locomotives
- Expansion into new market segments: industrial operations, short line railroads, ports, defense, and commuter rail
- Competitive advantages in safety and long cycle-life for heavy-duty electrified applications
- Enhanced sales reach and access to large market opportunities in the rail sector
- None.
Insights
The strategic supply agreement between Electrovaya and Innovative Rail Technologies (IRT) marks a significant step towards electrification in the rail industry. This partnership targets a diverse range of applications, including industrial operations, ports, short line railroads, defense and commuter rail, indicating a broad market potential.
The deal leverages Electrovaya's Infinity battery systems, known for their safety features and long cycle life, which are important for heavy-duty applications like locomotives. This aligns well with the increasing demand for sustainable transportation solutions and could position Electrovaya as a key player in the rail electrification market.
For investors, this agreement represents a potential long-term growth opportunity for Electrovaya. The rail industry's transition to electric power is still in its early stages, offering substantial room for expansion. However, it's important to note that the financial terms and specific order volumes are not disclosed, making it difficult to quantify the immediate impact on Electrovaya's revenue.
The partnership with IRT also enhances Electrovaya's market reach, potentially opening doors to major locomotive and rail customers. This could lead to increased sales and market share in the growing electric vehicle sector, particularly in the heavy-duty segment.
The strategic partnership between Electrovaya and IRT represents a significant advancement in the clean energy transition for the rail sector. Rail electrification is a key component in reducing transportation emissions and this agreement positions both companies at the forefront of this shift.
Electrovaya's Infinity battery systems offer two critical advantages: enhanced safety and long cycle life. These features are particularly valuable in the rail industry, where reliability and safety are paramount. The long cycle life of the batteries could translate to lower total cost of ownership for rail operators, potentially accelerating adoption of electric locomotives.
The agreement's focus on "Buy America compliance" is noteworthy, as it aligns with current government initiatives to boost domestic manufacturing in critical technologies. This could provide a competitive edge in securing contracts, especially for projects involving public funding or government contracts.
For investors, this partnership signals Electrovaya's expansion into a new, potentially lucrative market segment. The diverse applications mentioned - from industrial operations to defense - suggest multiple revenue streams and reduced dependency on any single sector, which could contribute to more stable long-term growth prospects.
Electrovaya to supply battery systems for IRT's full electric locomotives serving a variety of rail applications including industrial operations, ports, short line railroads, defense, and commuter rail
TORONTO, ON / ACCESSWIRE / September 30, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, today announced the establishment of a Strategic Supply Agreement with Innovative Rail Technologies, LLC (IRT). The Agreement will initially cover the supply of Electrovaya's Infinity battery systems for IRT's electric locomotive systems. IRT is focused on the electrification of locomotives to battery electric through its proprietary advanced technology lithium-ion adaptive system, a turnkey, scalable propulsion and control package customized to the unique needs of customer operations. IRT has a strong pipeline of orders targeting applications in industrial operations, short line railroads, ports, defense and commuter rail.
"IRT is extremely excited to be working with Electrovaya. Their (Infinity) Lithium-Ion HV-Battery system is capable of providing our customers with very unique and industry-leading benefits including safety and long cycle-life while advancing our Buy America compliance efforts. We are committed and ready to work closely with the Electrovaya team for our future growth," said Mike Nicoletti, Partner of IRT.
"We are very pleased with the growing relationship with Innovative Rail Technologies and are excited about the opportunities that we are jointly working towards," said Dr. Raj DasGupta, CEO of Electrovaya. "We believe that our competitive advantages with respect to safety and cycle life continue to provide a key benefit for heavy duty electrified applications, which in this case represent some of the largest electric vehicles in the world. IRT is well connected to major locomotive/rail customers and we believe the relationship greatly enhances the Company's sales reach and ability to serve these large and growing market opportunities."
For more information, please contact:
Investor and Media Contact:
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618
Brett Maas
Hayden IR
elva@haydenir.com
646-536-7331
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA) 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. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy
duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York State for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.
Innovative Rail Technologies
Innovative Rail Technologies ("IRT"), is an American company that manufactures application-specific, lithium-ion battery-electric propulsion systems for locomotives. These zero-emission solutions balance horsepower, onboard energy and charging to match specific customer needs. Industry-leading performance features include automated 1-hour charging capability, complete integration design with ballasting for tractive effort enhancement, remote diagnostics,
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue, purchase orders, revenue guidance, uncommitted accordions and revenue growth forecasts for the fiscal year ending September 30, 2024 . Forward-looking statements can generally, but not always, be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective", "opportunities" 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. This includes statements with respect to the Company's intention to supply battery products to construction equipment customers and develop new OEM opportunities in the Asia Pacific Region. 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, the Company's liquidity and cash availability in excess of its operational requirements, and the ability to generate and sustain sales orders. 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, 2023 under "Risk Factors", and in the Company's most recent annual and interim 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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FAQ
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