Electrovaya Receives Purchase Orders for Batteries from Fortune 500 Customer to Re-Power Three Existing Distribution Centers

Rhea-AI Summary

Electrovaya (NASDAQ:ELVA) has secured a new US$8.7 million purchase order from a Fortune 500 retailer for lithium-ion batteries to power material handling electric vehicles across three warehouse sites. This follows a US$4.1 million order received in December 2024 for two distribution centers from the same customer.

The Fortune 500 retailer has been one of Electrovaya's largest battery users since 2022, with nearly 1,500 batteries currently in operation. The customer plans to continue its fleet conversion strategy with additional distribution centers scheduled for battery replacement in 2025 and 2026.

Positive

• Secured new US$8.7 million purchase order for three warehouse sites
• Recent US$4.1 million order in December 2024 for two distribution centers
• Strong customer relationship with Fortune 500 retailer since 2022
• Large installed base of 1,500 batteries with same customer
• Additional distribution center conversions planned for 2025-2026

Negative

• None.

This purchase order, valued at $8.7 million, is a follow on from a December $4.1 million order, represents the continuation of the customer's fleet conversion strategy with potential further sites planned later in the year

TORONTO, ON / ACCESS Newswire / April 1, 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 a purchase order valued at approximately US$8.7 million. The batteries will be used by a leading Fortune 500 retailer in the United States for powering material handling electric vehicles in three existing warehouse sites. This order followed a recent $4.1million order from the same end customer for two distribution centers that was placed in December 2024. Additional sites are also being planned for conversion on top of these new orders.

"We are again very pleased to announce another round of orders with a leading discount retailer and to continue to support their energy efficiency initiatives," said Dr. Jeremy Dang, Vice President of Business Development at Electrovaya. "This customer has been one of the largest users of our batteries since 2022 with nearly 1500 batteries in operation and with further ambition to re-power additional distribution centers' fleets in 2025 and 2026 with the industry's best-in-class battery 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 battery order in April 2025?

Electrovaya received a US$8.7 million purchase order for batteries to power material handling electric vehicles in three warehouse sites.

How many Electrovaya (ELVA) batteries are currently in operation with the Fortune 500 retail customer?

The customer has nearly 1,500 Electrovaya batteries in operation since 2022.

What was the value of Electrovaya's (ELVA) December 2024 order from the same customer?

In December 2024, Electrovaya received a US$4.1 million order for two distribution centers.

What are Electrovaya's (ELVA) expansion plans with the Fortune 500 retail customer?

Additional distribution centers are planned for fleet conversion in 2025 and 2026.