The Export-Import Bank of the United States (EXIM) Approves a direct loan in the amount of $50.8 million to fund Electrovaya's Jamestown Lithium-Ion Battery Expansion
Electrovaya (NASDAQ/TSX: ELVA) has secured a US$50.8 million direct loan from the Export-Import Bank of the United States (EXIM) under their 'Make More in America' initiative. The funding will support equipment, engineering, and setup costs for Electrovaya's battery manufacturing facility in Jamestown, New York.
The facility will produce proprietary Infinity lithium-ion ceramic cells and is scheduled to begin commercial shipments in early 2026. Expected to create over 250 jobs, the facility will support exports to Japan, Canada, and Australia. The project will benefit from IRA 45X production tax credits and New York state incentives. The facility will be powered by clean renewable energy and aims to produce what the company describes as the longest-lasting and safest lithium-ion cells.
Electrovaya (NASDAQ/TSX: ELVA) ha ottenuto un prestito diretto di 50,8 milioni di dollari USA dalla Export-Import Bank of the United States (EXIM) nell'ambito della loro iniziativa 'Make More in America'. Il finanziamento sosterrà i costi per attrezzature, ingegneria e allestimento della struttura di produzione di batterie di Electrovaya a Jamestown, New York.
La struttura produrrà celle in ceramica al litio-ionico Infinity brevettate e dovrebbe iniziare a spedire commercialmente all'inizio del 2026. Si prevede che creerà oltre 250 posti di lavoro e supporterà le esportazioni verso Giappone, Canada e Australia. Il progetto beneficerà dei crediti d'imposta per la produzione IRA 45X e degli incentivi dello stato di New York. La struttura sarà alimentata da energia rinnovabile pulita e mira a produrre quelle che l'azienda descrive come celle al litio-ionico più durevoli e sicure.
Electrovaya (NASDAQ/TSX: ELVA) ha asegurado un préstamo directo de 50,8 millones de dólares estadounidenses del Export-Import Bank of the United States (EXIM) bajo su iniciativa 'Make More in America'. La financiación apoyará los costos de equipos, ingeniería y configuración para la instalación de fabricación de baterías de Electrovaya en Jamestown, Nueva York.
La instalación producirá celdas cerámicas de litio-ionico Infinity patentadas y está programada para comenzar los envíos comerciales a principios de 2026. Se espera que cree más de 250 empleos y apoye las exportaciones hacia Japón, Canadá y Australia. El proyecto se beneficiará de los créditos fiscales por producción IRA 45X y de los incentivos del estado de Nueva York. La instalación será alimentada por energía renovable limpia y tiene como objetivo producir lo que la empresa describe como las celdas de litio-ionico más duraderas y seguras.
Electrovaya (NASDAQ/TSX: ELVA)는 미국 수출입은행(EXIM)으로부터 'Make More in America' 이니셔티브에 따라 5,080만 달러의 직접 대출을 확보했습니다. 이 자금은 Electrovaya의 배터리 제조 시설에 대한 장비, 엔지니어링 및 설치 비용을 지원합니다. 이 시설은 뉴욕주 제임스타운에 위치합니다.
이 시설은 특허받은 인피니티 리튬이온 세라믹 셀을 생산하며, 2026년 초에 상업적인 배달을 시작할 예정입니다. 250개 이상의 일자리를 창출할 것으로 예상되며, 일본, 캐나다 및 호주로의 수출을 지원합니다. 이 프로젝트는 IRA 45X 생산 세액 공제와 뉴욕 주 인센티브의 혜택을 받을 것입니다. 시설은 청정 재생 에너지를 통해 운영되며, 회사가 설명하는 가장 오래 지속되고 안전한 리튬이온 셀을 생산하는 것을 목표로 합니다.
Electrovaya (NASDAQ/TSX: ELVA) a obtenu un prêt direct de 50,8 millions de dollars américains de la Export-Import Bank of the United States (EXIM) dans le cadre de leur initiative 'Make More in America'. Le financement soutiendra les coûts d'équipement, d'ingénierie et d'installation de l'usine de fabrication de batteries d'Electrovaya à Jamestown, New York.
L'usine produira des cellules céramiques en lithium-ion Infinity brevetées et doit commencer les expéditions commerciales début 2026. On s'attend à ce qu'elle crée plus de 250 emplois et soutienne les exportations vers le Japon, le Canada et l'Australie. Le projet bénéficiera des crédits d'impôt à la production IRA 45X et des incitations de l'État de New York. L'usine sera alimentée par une énergie renouvelable propre et vise à produire ce que l'entreprise décrit comme les cellules lithium-ion les plus durables et les plus sûres.
Electrovaya (NASDAQ/TSX: ELVA) hat einen Direktkredit in Höhe von 50,8 Millionen US-Dollar von der Export-Import-Bank der Vereinigten Staaten (EXIM) im Rahmen ihrer Initiative 'Make More in America' gesichert. Die Finanzierung wird die Kosten für Ausrüstung, Ingenieurwesen und Einrichtung der Batteriefabrik von Electrovaya in Jamestown, New York unterstützen.
Die Anlage wird proprietäre Infinity-Lithium-Ionen-Keramikkapseln produzieren und soll Anfang 2026 mit dem kommerziellen Versand beginnen. Es wird erwartet, dass mehr als 250 Arbeitsplätze geschaffen werden, und die Anlage wird Exporte nach Japan, Kanada und Australien unterstützen. Das Projekt wird von den Produktionssteuergutschriften IRA 45X und von Anreizen des Bundesstaates New York profitieren. Die Anlage wird mit sauberer erneuerbarer Energie betrieben und zielt darauf ab, das zu produzieren, was das Unternehmen als die langlebigsten und sichersten Lithium-Ionen-Zellen bezeichnet.
- Secured US$50.8 million EXIM loan for manufacturing expansion
- Expected creation of over 250 jobs at Jamestown facility
- Eligible for IRA 45X production tax credits and NY state incentives
- Facility will support exports to multiple international markets
- Potential margin improvements through vertical integration
- Commercial shipments not starting until early 2026
- Significant capital expenditure and setup costs required
Insights
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The project's financial structure is particularly advantageous, combining federal loan support with tax benefits and state-level incentives. The facility's expected creation of 250 jobs and export potential to Japan, Canada and Australia indicates strong revenue growth potential. The emphasis on clean energy manufacturing aligns with current government priorities, potentially securing future support and contracts.
The development of proprietary Infinity lithium-ion ceramic cells positions Electrovaya uniquely in the high-performance battery market. The focus on longevity and safety addresses critical industry pain points, particularly in heavy-duty and mission-critical applications. The domestic manufacturing capability will likely accelerate market penetration, especially with customers prioritizing Made-in-USA products.
The facility's renewable energy powered operations and advanced manufacturing capabilities could establish new industry benchmarks. The vertical integration strategy, combined with proprietary technology, creates significant barriers to entry and competitive advantages in the rapidly growing electric vehicle and energy storage markets.
Funding under EXIM‘s Make More in America initiative will fund equipment, engineering and setup costs for Electrovaya's Jamestown Battery Manufacturing Facility
JAMESTOWN, NY / ACCESSWIRE / November 14, 2024 / 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 secured a direct loan in the amount of US
This financing will fund Electrovaya's battery manufacturing buildout in Jamestown, New York including equipment, engineering and setup costs for the facility. Electrovaya has rapidly 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. The Company's manufacturing facility in Jamestown is scheduled to produce Electrovaya's proprietary Infinity lithium-ion ceramic cells, which offer industry leading longevity and safety.
"The funding from EXIM is instrumental to Electrovaya's long term strategy to expand capacity and establish lithium-ion cell production in the United States," said Dr. Raj DasGupta, CEO of Electrovaya. "Our facility in Jamestown will be powered by clean renewable energy and will produce the longest lasting and safest lithium-ion cells in the world when it starts commercial shipments in early 2026. We expect this expansion to support our plans for exponential growth and lead to improvements in our margins through vertical integration. Finally, I fully expect that the establishment of this manufacturing facility will also lead to an uptick in demand for our products since we will produce these exciting products domestically."
"With today's transaction, we are underscoring EXIM's commitment to the expansion of domestic exports and the rebuilding of a resilient stateside supply chain. Ushering through our fifth Make More in America deal further highlights EXIM's efforts to support U.S. manufacturing in transformational export areas while creating jobs and increasing export competitiveness across the global landscape." said EXIM President and Chair Reta Jo Lewis
Established in 2022 in response to President Biden's Executive Order on America's Supply Chains, the Make More in America initiative is designed to spur domestic manufacturing and reinforce America's supply chains. By leveraging its existing financing capabilities, with financing priority available to environmentally beneficial projects, small businesses and transformational export areas, EXIM is working to help level the playing field for American companies competing in overseas markets, especially those with export-oriented domestic manufacturing nexuses.
The battery manufacturing facility in Jamestown is expected to lead to over 250 jobs and support Electrovaya's exports to Japan, Canada and Australia. Furthermore, the facility will both benefit from and help support developing supply chains in the US for lithium-ion battery production. The Jamestown expansion will also benefit from the IRA 45X production tax credits as well as grants and tax incentives from the state of New York, which the Company will be able to access as the facility scales in output.
Investor and Media Contact:
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
905-855-4618 / jroy@electrovaya.com
EXIM Media Contact:
About EXIM
The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.
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 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, 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
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