Electrovaya Announces Commencement of Jamestown Battery Manufacturing Facility Capital Purchases and Hiring

Rhea-AI Summary

Electrovaya (NASDAQ/TSX: ELVA) has initiated capital investments for its planned Jamestown battery manufacturing facility and begun hiring personnel. The company has started placing purchase orders for battery system assembly equipment and awarded engineering work for future cell manufacturing investments. Operations are targeted to commence by Q2 2025.

The initial investments aim to establish battery system assembly capabilities, responding to increasing demand for the company's products in heavy-duty and mission-critical electrified applications. This expansion of manufacturing operations in the United States is a key priority for Electrovaya as they progress with detailed planning for larger capital investments in lithium-ion cell manufacturing activities.

Positive

• Expansion of manufacturing capabilities in the US market
• Progress toward operational readiness by Q2 2025
• Growing demand from heavy-duty and mission-critical applications

Negative

• Significant capital expenditure requirements
• Extended timeline to operational status (Q2 2025)

The Company has begun placing initial purchase orders for battery system assembly equipment along with commencing hiring with the goal of starting battery assembly by CY Q2 2025

JAMESTOWN, NY / ACCESSWIRE / January 14, 2025 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, is pleased to announce that it has begun making capital investments for its planned Jamestown battery manufacturing facility along with hiring initial personnel. These initial procurements include battery system manufacturing and testing equipment along with awarding engineering work to prepare for further investments pertaining to planned cell manufacturing investments.

These initial investments are meant to provide the Company an ability to start battery system assembly by calendar year Q2 2025. Electrovaya has increasing demand for its products from a wide range of heavy duty and mission critical electrified applications, and it has been a priority of the Company to expand its manufacturing operations in the United States for these vital products.

"We are excited to start these initial investments at our Jamestown facility with the aim of being able to start assembly in the near term" said Dr. Raj DasGupta, CEO of Electrovaya. "We are also making progress with regards to our detailed planning for the larger capital investments associated with the planned lithium ion cell manufacturing activities."

Investor and Media Contact:
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
905-855-4618 / jroy@electrovaya.com

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 without compromising energy and power. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown New York state for its planned gigafactory. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.

Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue, purchase orders, revenue guidance, mass production schedules, ability to deliver to customer requirements and revenue growth forecasts for the fiscal year ending September 30, 2025. 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" 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. Statements with respect to the start up time for manufacturing in Jamestown NY, the ability to leverage IRA45X credits, the ability to receive incentives from the state of New York, the ability to improve margins from domestic manufacturing, the ability to attract additional customers through domestic manufacturing, the start up timing for start of production in Jamestown New York. 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, 2024 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.

View the original press release on accesswire.com

FAQ

When will Electrovaya's (ELVA) Jamestown facility begin battery assembly operations?

Electrovaya plans to begin battery assembly operations at its Jamestown facility by Q2 2025.

What type of equipment is Electrovaya (ELVA) purchasing for the Jamestown facility?

Electrovaya is purchasing battery system manufacturing and testing equipment, along with engineering work for future cell manufacturing investments.

Why is Electrovaya (ELVA) expanding manufacturing operations in the United States?

Electrovaya is expanding US manufacturing operations due to increasing demand for its products in heavy-duty and mission-critical electrified applications.

What are the two phases of Electrovaya's (ELVA) Jamestown facility development?

The facility development includes an initial phase for battery system assembly starting Q2 2025, followed by a planned expansion into lithium-ion cell manufacturing activities.