Electrovaya Receives Additional US$7.3 Million Order for Fortune 100 Customer

Rhea-AI Summary

Electrovaya (NASDAQ/TSX: ELVA) has secured a new US$7.3 million purchase order through its OEM sales channel for lithium-ion batteries. The order comes from a Fortune 100 e-commerce company for powering material handling electric vehicles in multiple distribution centers across the United States and Canada.

This follows a previous US$3.5 million order from November 2024, with additional site orders expected later in 2025. The end customer will have over 2,000 Infinity batteries deployed across more than 40 distribution centers in three countries spanning two continents.

Positive

• Secured significant US$7.3 million new order from Fortune 100 customer
• Shows strong customer retention with follow-up order after US$3.5 million November 2024 purchase
• Expanding deployment to over 2,000 Infinity batteries across 40+ distribution centers
• Additional orders expected later in 2025 indicating growing business pipeline

Negative

• None.

03/27/2025 - 11:00 AM

This purchase order is a follow on from a November 2024 $3.5 million order

Further demands for additional sites expected later in the year

TORONTO, ON / ACCESS Newswire / March 27, 2025 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today announced it has received purchase orders through its OEM sales channel valued at approximately US$7.3 million. The batteries will be used by a leading Fortune 100 e-commerce company in the United States and Canada for powering material handling electric vehicles in multiple distribution centers. This order followed a recent $3.5 million order from the same end customer that was placed in November 2024. Additional sites are under consideration for this calendar year.

"We are happy to report this repeat order with a globally-recognized tech giant company," said Dr. Jeremy Dang, Vice President of Business Development at Electrovaya. "With these new orders, this end user will have over 2000 Infinity batteries deployed in more than 40 different distribution centers across three countries on two continents. Electrovaya is thrilled to be a part of the customer's mission in adopting clean, safe, and long-lasting energy solutions."

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. 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.

Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue, purchase orders, the potential for additional purchase orders from the described customer in CY 2025, order growth and customer demand in FY 2025, future business opportunities, and the ability to deliver to customer requirements. 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", "planned", "objective", "estimated" 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, assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate are necessarily applied in making forward-looking statements and such statements are subject to risks and uncertainties, therefore actual results may differ materially from those expressed or implied in such statements and undue reliance should not be placed on such statements. Material assumptions made in disclosing the forward-looking statements included in this news release include, but are not limited to assumptions that the Company's customers will deploy its products in accordance with communicated timing and volumes, that the Company's customers will complete new distribution centers in accordance with communicated expectations, intentions and plans, and stable political climate with respect to exports from Canada to the United. Factors that could cause actual results to differ materially from expectations include but are not limited to customers not placing roughly in accordance with historical ordering patterns and communicated intentions, the fact that the expected additional sales from the described customer are expressions of interest and not yet purchase orders, the uncertain effects of the imposition of a new tariff regime on Canadian exports by the United States, macroeconomic effects on the Company and its business and on the lithium battery industry generally, 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", in the Company's base shelf prospectus dated September 17, 2024, 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 ACCESS Newswire

FAQ

What is the value of Electrovaya's (ELVA) latest purchase order in March 2025?

Electrovaya received a US$7.3 million purchase order for lithium-ion batteries through its OEM sales channel.

How many Infinity batteries will be deployed after Electrovaya's (ELVA) recent orders?

Over 2,000 Infinity batteries will be deployed across more than 40 distribution centers in three countries on two continents.

What was the value of Electrovaya's (ELVA) previous order from November 2024?

The previous order from November 2024 was valued at US$3.5 million.

What is the primary application for Electrovaya's (ELVA) batteries in this order?

The batteries will power material handling electric vehicles in multiple distribution centers for a Fortune 100 e-commerce company.

What are the growth prospects for Electrovaya (ELVA) following this order?

Additional site orders are expected later in 2025, indicating potential for further business expansion.