Electrovaya Receives Follow On Orders for High Voltage Battery Systems from Global Aerospace and Defense Company Following Extensive Testing
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) ha ricevuto ordini di follow-up per i suoi sistemi di batterie Infinity-HV da una società globale nel settore aerospaziale e della difesa, dopo test approfonditi e di successo in applicazioni di difesa off-road critiche per la missione. Il prodotto iniziale della batteria Infinity-HV, consegnato quasi un anno fa, ha dimostrato una forte affidabilità e ha soddisfatto requisiti di prestazioni estreme. I sistemi saranno prodotti nello stabilimento dell'azienda a Jamestown, New York, recentemente approvato per un prestito diretto di 50,8 milioni di dollari dalla Bank of Export-Import degli Stati Uniti (EXIM) per supportare le operazioni della sua gigafactory.
Electrovaya (NASDAQ/TSX: ELVA) ha recibido órdenes de seguimiento para sus sistemas de baterías Infinity-HV de una empresa global de aeroespacial y defensa, tras exitosas pruebas exhaustivas en aplicaciones de defensa off-road críticas para la misión. El producto inicial de la batería Infinity-HV, entregado hace casi un año, demostró una fuerte confiabilidad y cumplió con requisitos de rendimiento extremos. Los sistemas serán fabricados en la planta de la empresa en Jamestown, Nueva York, que recientemente recibió la aprobación de un préstamo directo de 50.8 millones de dólares de la Banco de Exportación e Importación de los Estados Unidos (EXIM) para respaldar sus operaciones de gigafábrica.
Electrovaya (NASDAQ/TSX: ELVA)는 임무에 중요한 오프로드 방어 응용 프로그램에서 성공적인 광범위한 테스트 후 글로벌 항공 우주 및 방산 회사로부터 인피니티-HV 배터리 시스템에 대한 후속 주문을 받았습니다. 거의 1년 전에 전달된 초기 인피니티-HV 배터리 제품은 강력한 신뢰성을 보여주었고 극한의 성능 요구 사항을 충족했습니다. 이 시스템은 최근 5,080만 달러의 직접 대출 승인을 받은 뉴욕 주 잰스타운에 있는 회사의 시설에서 제조될 것입니다. 이 대출은 회사의 기가 팩토리 운영을 지원하기 위함입니다.
Electrovaya (NASDAQ/TSX: ELVA) a reçu des commandes supplémentaires pour ses systèmes de batteries Infinity-HV d'une entreprise mondiale dans le domaine de l'aérospatiale et de la défense, après des tests approfondis et réussis dans des applications de défense hors route critiques. Le produit initial de la batterie Infinity-HV, livré il y a presque un an, a démontré une grande fiabilité et a satisfait à des exigences de performance extrêmes. Les systèmes seront fabriqués dans l'usine de l'entreprise à Jamestown, New York, qui a récemment reçu une approbation de prêt direct de 50,8 millions de dollars de la Banque d'Export-Import des États-Unis (EXIM) pour soutenir ses opérations de gigafactory.
Electrovaya (NASDAQ/TSX: ELVA) hat Folgeaufträge für seine Infinity-HV-Batteriesysteme von einem globalen Luft- und Raumfahrt- sowie Verteidigungsunternehmen erhalten, nachdem umfangreiche Tests in mission-kritischen Offroad-Verteidigungsanwendungen erfolgreich abgeschlossen wurden. Das erste Produkt der Infinity-HV-Batterie, das vor fast einem Jahr geliefert wurde, zeigte eine hohe Zuverlässigkeit und erfüllte extremste Leistungsanforderungen. Die Systeme werden in der Fabrik des Unternehmens in Jamestown, New York, hergestellt, die kürzlich einen direkten Kreditantrag über 50,8 Millionen Dollar von der Export-Import-Bank der Vereinigten Staaten (EXIM) genehmigt bekam, um ihre Gigafactory-Betriebe zu unterstützen.
- Secured follow-on orders from major aerospace and defense client
- Successfully passed extensive testing for mission-critical applications
- Received $50.8M EXIM bank loan approval for Jamestown gigafactory
- None.
Insights
The follow-on orders for Infinity-HV battery systems from a defense contractor represent significant validation of Electrovaya's technology in a demanding sector. Successfully passing extensive testing for mission-critical defense applications opens doors to a lucrative market segment where reliability and performance command premium pricing. The recent
Defense contracts typically lead to long-term relationships with stable, recurring revenue streams. The aerospace and defense market for advanced battery systems is projected to grow substantially as autonomous and electric vehicles become more prevalent in military applications. This successful deployment could position Electrovaya as a trusted supplier in the defense sector, potentially leading to larger contracts and expanded applications.
Electrovaya's High Voltage Battery Systems demonstrated strong reliability and performance in mission critical off-road defense application over several months of extensive testing
TORONTO, ON / ACCESSWIRE / November 21, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA) a leading lithium-ion battery technology and manufacturing company, is pleased to announce follow-on order for Infinity-HV battery systems, from a global aerospace and defense company.
"We are excited that our first Infinity-HV battery product, which shipped nearly a year ago, met the extreme performance requirements for this off-road autonomous defense application, which represents some of the most difficult validation testing available," said CEO, Dr. Raj DasGupta. "These follow-on orders are a testament to the exceptional performance of the Infinity-HV technology for mission critical applications in general."
The Infinity-HV systems target mission critical and heavy-duty high-voltage applications including vehicles, defense and other energy storage applications seeking industry leading performance and safety.
Image of the HV-300 of the Infinity-HV product family
Production of the Infinity-HV products is planned at the Company's facility in Jamestown, New York, which will provide increased manufacturing capacity and domestic manufacturing. Recently The Export-Import Bank of the United States (EXIM) approved a
Investor and Media Contact:
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
905-855-4618 / jroy@electrovaya.com
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 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 Company's ability to finalize the loan facility from EXIM bank on a timely basis, the start up time for manufacturing in Jamestown NY, the ability of batteries to meet stringent performance requirements, the safety and performance of Electrovaya's battery systems. 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.
View the original press release on accesswire.com
FAQ
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