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The excerpt is from a post I found on another board it has some interesting tidbits...
From the podcast interview
EFL started looking at new rev streams. They found
1. data analytics real-time battery monitoring
2. leasing
Their batteries aren't degrading like the competition which have issues after 4-5 yrs. This has created a whole new ball game. Raymond has already started to create a rental program.
Because of their EFL battery residual value, the rental program operating costs have now come on par with cheap batteries
Their 2 largest retail clients have peak periods where they need more batteries for "periods of time". So they are leasing them. And the rates are very good according to Raj. The units are PAYING FOR THEMSELVES in 12 months. Banking partner didn't want to do this at first, but has been going along with it. Will use the units in ESS when not renting. Very profitable model Raj has said.
Friday!
If companies like Raymond and Toyota are doing big business with them I am sure they did their DD on them. I like my chances with them they are going to do huge business in the future with that Jamestown location!!!
Good to see big names coming to IVFH
Innovative Food Holdings Appoints Brady Smallwood as Chief Operating Officer
8:00 AM ET 5/17/23 | GlobeNewswire
Innovative Food Holdings Appoints Brady Smallwood as Chief Operating Officer
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d24cc2e-c412-49b6-b465-581c28553c7b
BONITA SPRINGS, Fla., May 17, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (IVFH), a national seller of gourmet specialty foods to professional and home chefs today announced the hiring of Brady Smallwood as Chief Operating Officer. As Chief Operating Officer, Mr. Smallwood will develop, integrate, and oversee companywide strategies designed to maximize efficiencies and drive growth across all business categories.
"We are excited to welcome Brady to IVFH. His extensive experience developing and implementing profitable retail strategies at complex, multi-billion-dollar companies, including Kroger and Walmart, is complemented by his smaller company, eCommerce experience in the direct-to-consumer space. We believe Brady's skillset will help drive and execute our strategic objectives and deliver value to our shareholders," states Bill Bennett, CEO of Innovative Food Holdings. "As Brady and I have worked together in several capacities over the last decade, we have repeatedly focused on providing organizations with strategic structure and strong execution. I'm thrilled to welcome Brady to IVFH as we pursue the potentially incredible opportunities that lie ahead of the Company."
Mr. Smallwood was most recently Sr. Director -- eCommerce at The Kroger Co. In this role, he was responsible for the strategy, planning, and operations of Kroger's $10+ billion eCommerce business. He also led the recent launch and implementation of Kroger's rapid grocery delivery business. He joined Kroger from Walmart where he last served as Director -- Merchandise Operations leading multiple digital transformation initiatives. Mr. Smallwood's previous experience spans leading consumer, retail, and financial organizations including Younique Products, a former subsidiary of Coty, Inc., American Capital, and Freddie Mac. Mr. Smallwood received a bachelor's degree in Business Management from Brigham Young University and obtained a master's degree in Business Administration from The University of Chicago Booth School of Business, where he was an honors graduate and marketing scholarship recipient.
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world's best artisan food makers with top professional chefs and passionate home chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional and home chefs create unforgettable experiences for their guests and families. IVFH's owned online retail brands include www.igourmet.com, www.plantbelly.com and www.mouth.com.
Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the "Company") that are based on the current beliefs of the Company's management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "should," "could," "will," "anticipate," "believe," "intend," "plan," "might," "potentially" "targeting" or "expect." Additional factors that could also cause actual results to differ materially relate to the global COVID-19 crisis, international crisis, environmental and economic issues and other risk factors described in our public filings. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.
names coming on board to
this company...
Earnings call Transcript:
Raj Das Gupta
Thank you, John. And good evening, everyone. Electrovaya is becoming a serious player in the North American battery space. Whether this be on the technology side, where we have recently had a third-party lab validate the exceptional cycle life performance of our Infinity battery technology, or on the operational side where we have just demonstrated that we can scale production in a profitable manner.
Our fiscal year second quarter was an important marker in our recent history. Not only did we achieve a quarterly record for revenue, but we have also made both an EBITDA and net profit. I can’t think of too many clean tech or specifically battery tech companies that have reached this milestone. This is a testament to Electrovaya’s commitment to focusing on high-margin applications for our unique battery technology and retaining a frugal mindset overall with respect to how we conduct our operations.
In today’s risk-averse environment, I hope this will become a more valuable and apparent metric for the public and our investors. Our operations team have been doing a phenomenal job in executing our growing order book while navigating continuing challenges with respect to the global supply chain.
With respect to purchase orders, we are seeing an accelerating adoption, which is demonstrated in our receipt of over $20 million worth of purchase orders for the quarter. One trend we have noticed is that the overall sales cycle is reducing. For instance, one recent Fortune 100 customer order, which we received was achieved without a physical trial, which used to be a feature as a standard part of the sales cycle.
Customers are also becoming more familiar with lithium-ion battery technology in general and Electrovaya’s specific performance advantages. I believe material handling customers have come to realize that Electrovaya holds the crown in the space for product quality, safety and longevity. And there really is no comparable battery technology in the industry that I know of.
If you consider our list of end users, we have the majority of the large U.S. retailers and a growing list of Fortune 500 and Fortune 100 customers. Just looking at the Fortune 100 company list. We have 10% of these companies using Electrovaya batteries in their operations. Considering that many Fortune 100 companies don’t operate warehouses at all, this is a very significant share. These corporations all represent significant potential new sales opportunities as we are currently just scratching the surface of their warehousing fleets.
Furthermore, they also offer a pathway to other applications for our battery technology, including energy storage and other vehicle applications. Our relationship with Raymond Corp. and the Toyota Industries Group in general, continues to grow. At ProMat, a material handling trade show that we exhibited at this past March, we had Electrovaya built batteries powering nearly every Raymond vehicle in addition to vehicles made by Bastian Solutions, a robotics and AGV manufacturer who is also owned by Toyota Industries.
We are also actively working on new products. We recently commissioned a new innovative automated assembly module line at our Kitimat location, which will allow us to manufacture a variety of module configurations and will initially be focused on our new high-voltage module. This module will be used in our upcoming high-voltage battery packs, which are being optimized for electric bus and truck applications in addition to high-performance energy storage applications.
We are expecting to start deliveries of some of these systems this calendar year. The company is also well underway with the development of custom integrated high-voltage battery systems for our new material handling vehicle series. This system will utilize Electrovaya’s next-generation battery management system, which allows increased IoT capabilities amongst other features. This next-generation BMS will also feature in all Electrovaya material handling products next year.
Finally, with regards to our solid-state battery development, our team at Electrovaya Labs is making great progress, and we will be providing a more detailed update at our battery technology event on May 17.
Electrovaya is rapidly growing, and we will ultimately need additional capacity. This was one of the driving factors for our U.S. manufacturing expansion in Jamestown, New York. In March, we acquired the site at one Precision Way by purchasing the shares of Sustainable Energy Jamestown.
We are also making good progress with respect to reaching an agreement with a government-backed finance institution to provide the necessary funding to outfit the first phase of our planned gigafactory. One of the requirements of this institution is to provide a detailed independent engineering review for which we have engaged with a leading engineering consultancy. Their initial analysis is well underway, and we expect to receive it later this month. The Jamestown gigafactory will be key in enabling Electrovaya to grow further and also access new incentives tied to the inflation Reduction Act.
I’ll pass it back to John.
John Gibson
Thanks, Raj. To give everyone a brief highlight of the financials, revenue for Q2 fiscal 2023 was $10.5 million compared to $4.3 million in the fiscal second quarter ended March 31, 2022, an increase of 144%. As Raj mentioned, this quarter represents a record for the company in recent history. We are looking to build on this momentum and continue to break these records. We are on track to meet our 2023 guidance of $42 million and we are anticipating continued sales growth in fiscal year 2023 as production continues to scale to meet demand.
The impact of supply chain issues and inflationary pressures continued during the quarter.
Gross margin was 25.6% for the quarter, a slight increase from the December quarter, which was 25.2%. Q2 was the last quarter where customers were locked into historical prices from the summer of 2021. In addition to the price increases carried out during 2022, the company has locked in pricing from key suppliers for 2023 deliveries, and we’ll be taking advantage of volume discounts where available. We expect to see an increase in the gross margins in calendar 2023.
Adjusted EBITDA for the quarter was $0.8 million compared to a loss of $1.1 million in the prior year.
Furthermore, we recorded a net profit of $0.2 million in the quarter compared to a loss of $2.3 million in the quarter ending March 31, 2022. We anticipate the company maintaining a positive adjusted EBITDA position for the remainder of fiscal year 2023 with an overall positive figure for the full year.
As Raj mentioned, in March 2023, the company completed its purchase of Sustainable Energy Jamestown, which owns the building that will be the location of our U.S. operations. The company took on the assets and liabilities, including a $3.9 million vendor note, which bears a below market interest rate. In return for the purchase, the company issued a promissory note for $1.05 million. Further details of that transaction are included in the financial statements and the MD&A.
At March 31, 2023, the total debt was $16.8 million, which includes these additional debts from the purchase of Sustainable Energy Jamestown, compared to $16.6 million from the prior year. The company is actively managing our cash to reduce our interest charges. Company believes its available liquidity along with a collection of $8.2 million of accounts receivable and conversion of $5.1 million of inventory into salable finished goods as well as receiving an additional $4.7 million of inventory in process for which deposits have been recorded in prepaid expenses is adequate working capital to support our anticipated growth.
That concludes the brief financial overview, and I’ll now turn the call over to Raj for the concluding remarks.
Raj Das Gupta
Thank you, John. I’d like to start my concluding remarks with a short update regarding our NASDAQ application. The company is well underway with the application process, and we are of the opinion that we are compliant with respect to their listing requirements with the exception of the current share price. Earlier this year, we received nearly 99% shareholder approval for a share consolidation, which would lead to an adjusted share price that would meet the NASDAQ listing requirements. At the time when management believes we are imminently close to executing on the NASDAQ listing, we will act on this authorization and move forward with a share consolidation.
I personally believe that by listing on NASDAQ, we will improve the company’s overall visibility and enable a much larger pool of investors to consider Electrovaya.
In conclusion, it has been a successful period at Electrovaya. We are on track to hit our fiscal guidance, have met our internal goals with respect to deliveries and profitability and are also setting the stage for our U.S. expansion.
I believe our technology offers a unique value proposition, especially with regards to the cycle life and safety of our lithium-ion battery products. This technology differentiation is vital to the company’s ability to retain strong gross margins and expand our business into new heavy-duty markets.
That concludes our remarks this evening. John and I would be pleased to hold a question-and-answer session. Matthew, please open the line for questions.
Question-and-Answer Session
Operator
Certainly. [Operator Instructions] Your first question is coming from Amit Dayal from H.C. Wainwright. Your line is live.
Amit Dayal
Thank you. Good afternoon everyone. So Raj, with respect to the Jamestown facility, once this engineering report is completed, what’s the timeline from that point to you guys moving forward on the next steps? And what are those milestones?
Raj Das Gupta
So, I would expect us to execute on the term sheet pretty much right away when the engineering review is complete, assuming the engineering review is favorable. There’s that risk, but so we’re pretty close to executing on this turnkey.
Amit Dayal
Understood. Okay. And in terms of the facility the U.S. government facility that you are trying to obtain for this, what’s the size? I don’t know if you have shared that previously, like how much are we looking for to get this up and running?
Raj Das Gupta
So ultimately, this facility will be over a gigawatt hour in capacity. That said, the first phase of the project, we’ll be looking at more like a third of that capacity because that’s what the existing building can handle, and that’s what we’re looking to finance in this first phase.
Amit Dayal
Okay, understood. And then just with respect to the operating expenses for the remaining two quarters for this year, are you expecting any increases? Or should we expect steady state relative to current levels?
John Gibson
Yes, I expect it to be relative to current levels. We don’t see any significant increases in the coming months. We’ve got good visibility from a production standpoint. I don’t expect to see any one-offs.
Amit Dayal
Okay. Thank you, Raj and John. And then just maybe one last question. Congrats on some of the positive results for the Infinity battery technology. Would there be any overlap with the SSB offering that you guys are also developing in terms of when the applications or markets you may be pursuing for these two different batteries?
Raj Das Gupta
I would say they’re complementary. So the Infinity battery technology is unique. It’s got extremely long cycle life, and it’s got energy density comparable to typical automotive-grade lithium-ion battery technologies. And on the cycle life, we’re four, five times the cycle life of a typical lithium-ion battery. In fact, if you compare it to your cell phone battery, you’re looking at even higher multiples.
The solid-state battery platform that we’re developing, that has got completely different performance attributes. So in terms of energy density, you’re looking at almost doubling the energy density especially on a volumetric basis. But when it comes to cycle life we’re not targeting anything near the Infinity Battery technology.
So it is targeting different applications altogether. While the Infinity Battery platform is targeting heavy-duty one or more cycle per day applications, the solid-state battery platform will be targeting high-performance vehicles, which are looking for extremely high energy density for long range or high performance or even new applications like electric aircraft. That said, the solid-state battery platform is definitely still in development. We’re not at a stage where we can predict the commercializability of it just yet.
Amit Dayal
Okay, understood. And then is the Infinity Battery ready for pilot type testing with potential customers? Any interest? Any inbounds on that one so far?
Raj Das Gupta
You mean the solid state or the Infinity?
Amit Dayal
Infinity.
Raj Das Gupta
So the Infinity, that’s present in all our production today. So it’s going into all the material handling applications. We have also been providing that cell to some other specialty applications in the – for instance, in the defense sector, there are two companies who are evaluating the technology. We are looking, of course, as we publicly said, looking to expand into the electric bus market, especially in the energy storage market, and we – and there are companies who are evaluating the technology for those applications as well.
Amit Dayal
Okay. I understand. That clarifies it for me. Thank you. Appreciate it. That’s all I have guys.
Operator
Thank you. Your next question is coming from Eric Stine from Craig-Hallum. Your line is live.
Eric Stine
Hi, Raj and John.
John Gibson
Hey Eric, good to hear you.
Eric Stine
Hey thanks for the chance. So, I just want to come back to the cycle like test results. I know that, that was underway for, I think it was two to three years. Just curious, any prospective customers that were tied to that data, waiting for anything triggered on that? Or would you kind of characterize that more as now you can go-to-market with these. I mean, I guess they’re not necessarily new results that you kind of add on to results you’ve had third-party and other in the past. Just maybe how should we think about that?
Raj Das Gupta
Well, first of all, the testing has taken over three years to spread this data. So, it’s a major effort on the part on the lab and us to make sure that testing is continuing for that longer period. The way I look at it is it’s a third-party validation of what we’ve been telling the market and telling our customers.
So, internally, we have, of course, test results, which mirror what we’ve been seeing at this third party. But really having a third-party validation is a very good thing to have. It makes sales effort that make it easier for OEMs to select this technology. I think this definitely also will help in providing better residual values for battery systems. So, for instance, currently, Electrovaya is selling the vast majority of battery systems, whether that be direct sales or through our OEM partners.
If our OEM partners decide to lease battery systems, this kind of data will really help improve residual values. The ultimate end result will be a much wider adoption of this technology, because if you can have a very strong residual value, even if you have a higher CapEx, this can ultimately be a lower energy storage costs. So, that could be a game changer. I think these are the factors which feed nicely into that.
Eric Stine
Got it. Then maybe sticking with the Infinity and if you’re thinking about the high-voltage product, I mean maybe – obviously, that’s underway. I mean, maybe just kind of where we stand there. I know that you have – I believe you’ve been kind of have bid for in the – you’ve got a large project that you’re potentially after. And then I’m particularly interested in just the opportunity with some of your Fortune 100 in retail customers on the stationary or backup side?
Raj Das Gupta
Yes, for sure. So, the high-voltage product line can really be applied to a wide variety of applications. So, electric buses, delivery trucks and energy storage would all use something similar. So, we’ve been developing this product for some time. And I think the market timing couldn’t be better, right? For the last couple of years, there have been companies in the space who have almost subsidized battery system pricing to win contracts. Of course, that type of mentality can no longer be in place. So those companies are suffering or no longer existing as a result of that.
And so the need for – of course, the need for batteries is increasing. So the timing is good for us to launch this product line. We have an earlier version of it being trialed on a bus right now. But back to your question, yes, so some of these Fortune 100s have asked us to – about our technology being implemented in some of their energy storage projects, for instance, and even some other potential delivery truck applications. So, it’s a nice intro into those types of new applications for us.
Eric Stine
It would seem to me, too, that I mean, the attach rate with some of the customers, I mean, given that they’ve got stationary power needs that they’re doing that already with something else. I mean, is it fair to say that you would expect potentially a pretty high attach rate?
Raj Das Gupta
We could. It’s too early to say exactly, but we are actively in discussions with a number of these parties with respect to energy storage in particular. So we still have a little bit of engineering development work to do in order for us to be ready to make deliveries to those types of projects. That said, I think we alluded to this last quarter as we did with a large energy storage developer on a pretty substantial project. And we hope to – we haven’t received word yet on the outcome of RFP, but there are new opportunities coming up with respect to energy storage.
Now in the current fiscal year, we’re pretty tied up with the orders and projects that we have to execute on. So it’s really – these are things that you should be considering for fiscal 2024 and fiscal 2025. Fiscal 2023 essentially fully booked for material handling projects.
Eric Stine
Yes. No, understood on that. Maybe last question for me, and this might be tough to answer, but I know maybe a representative customer I mean you’re clearly at really early stages. I mean you’re starting to see the growth pick up quite a bit, but you’re at early stage of the penetration. I mean is there any way to kind of take a representative customer and say, hey, we’ve got whatever percentage of that may be? Just trying to get a sense of how early it is and what the growth opportunity is.
Raj Das Gupta
Yes. So these customers, especially these Fortune 100 companies, they – in some cases, they operate hundreds of warehouses. And each warehouse is an opportunity size of let’s say, on average, about $2 million. So it’s a huge pool that we’re potentially playing in. For the most part, these companies are early in their adoption. Some of them are at one warehouse. Some of them are at multiple warehouses. But we have a lot of room to grow with these customers.
And I’d say in terms of penetration, yes, we’re definitely around that. In some cases, under 5% and in some cases, a little bit more. I’ll give you one other example, this Fortune 100 company who recently placed their first orders with us, these are for new distribution centers that they’re building. And most of these types of companies have mandates now that all new distribution centers will go lithium-ion or other next-gen technologies. And they do have plans to retrofit existing sites down the line.
Eric Stine
Got it. Okay, great color. Thanks.
Operator
Thank you. Your next question is coming from Aaron Martin from AIGH Investment Partners. Your line is live.
Aaron Martin
Hi, John. First of all, I want to say thank you to Eric for allowing someone else to ask the question. Appreciate it. In terms of the revenue this quarter, I know you consider it still part of material handling, but how much revenue was from Non Forklift in this quarter?
John Gibson
Just over $100,000.
Aaron Martin
Okay. So still not material. And then on the gross margin, obviously a step in the right direction, and I heard what you said in terms of pricing finally working through the old POs with the lower pricing. Where should we expect gross margin to go? And is that purely coming from pricing increases? Are there other stuff that’s happening there on the gross margin in terms of the supply chain working better that adds to that?
John Gibson
Yes. It’s probably a combination of three things. It’s our price increases that were initiated last year, locking in supplier prices and then operational efficiency. So we’re getting to our group now in terms of what’s actually happening on the floor. There’s very little overtime in that quarter, which is very different from where we were at the end of fiscal Q4 last year. We had a lot of overtime to hit that $9.9 million, but we’re getting better with how we’re doing things.
We’re seeing some prices come down, and we’re seeing some supplier prices go up. So it’s hard to see where they’re going to be by the end of next quarters into Q3. But what we’re seeing right now is we expect it to creep up – the gross margins to creep up as we continue to progress through the year.
Aaron Martin
Okay. Based upon what you just said that we’re not doing any over time, Raj talked about us being basically at capacity for this year. That’s not running extra shifts or anything like that. If we had to could be run extra shifts and obviously, that would be at lower gross margin. It’s over time, it’s slightly more – less cost efficient. But could we do that if need be?
John Gibson
Yes, we could. So, we currently run one shift here in the plant. If we wanted to increase that, we can run a four-day, ten-hour shift to give everybody full-time hours and add another shift on top of that. So, we would not be – we still wouldn’t be recording any overtime, but we can increase the output that would involve us hiring more people. But that’s inevitable as we kind of increase our output from the plant on a monthly and weekly basis.
Raj Das Gupta
Yes, Aaron, we’ve also been making some building infrastructure upgrades here to enable higher throughput. So we have quite a bit of room to grow still before we max out capacity here in Mississauga. But we do see – we’re looking even six months. We do see us adding capacity limits and are getting close to it. So having that operation, a mirrored operation in Jamestown sooner than later is what we’re planning.
Aaron Martin
Okay. I mean, obviously, in terms of driving with your annual guidance, which you’re basically booked for without doing these things, it’s – and you’re talking about going meaning more capacity. It seems like you’re being conservative there, but I won’t back you into the corner.
Just a question for John on the purchase of the building or the entity that owned the building, Obviously, you added the asset and the liabilities to your – to the balance sheet and then increase the equity. The net income of $170,000 or $180,000 that is not including any non-cash gain from that asset coming on to the balance sheet?
John Gibson
Correct. There is no unrealized gain or revaluation surplus within that $170,000.
Aaron Martin
So your – that net profit is the net profit from operations, it’s not including the investment?
John Gibson
Yes.
Aaron Martin
Okay.
John Gibson
Correct.
Aaron Martin
All right. Thank you very much, and congratulations on the progress.
Raj Das Gupta
Thanks, Aaron.
Operator
Thank you. Your next question is coming from Shawn Severson from Water Tower Research. Your line is live.
Shawn Severson
Great, thank you. Raj, I was wondering if you could talk a little bit about the pricing you saw. I understand you locked up the supply chain and some supply agreements for this year, for the rest of the year. I’m just wondering on average, is that – are prices up higher or lower relative to the 2022 prices? So are things going up, down or the same? I mean is the battle to keep things the same, but are you actually getting pricing down?
Raj Das Gupta
I think it’s going in both directions. It depends on the commodity in question. So the net results is our bill of material costs is more or less unchanged.
Shawn Severson
Okay. And second question is, I know you got a lot of balls in the air, both in stationary power and in the Commercial side. But if you were to boil it down to a couple of milestones in each of them that we should look for to kind of – what should we expect the type of news. So obviously, I’m not asking when, but the type of news flow that we would see coming from each of those respective markets as they develop for you?
Raj Das Gupta
So, on the high-voltage side, for instance, on energy storage, look out for potential partnership announcements, maybe even distribution announcements. And then on the bus and other vehicle applications that would be what we’re seeking really our OEM partnerships. So those take time. We’re working diligently to get a few and they will – we hope we’re going to be successful in getting some new OEM customers for those applications.
And that also said – we’re making wins on the additional OEM partners on the OEM – on the material handling side of things as well. So, whether that be just material handling or even on the robotics side. I mentioned in the call that Bastian Solutions, which is another Toyota company, had our batteries operating at ProMat. We’re starting to market to them as well. So we’re seeing, I would say, additional OEMs in that sector as well.
Shawn Severson
Great, thank you for the color. And last question is on the Commercial side on the bus side. In general, are these – are you displacing an incumbent battery provider or these types of OEMs that you’re talking to are – is there going to be a new product launch, let’s say, a new line launch, and you’re going to be on that? I’m trying to understand are these already well established in your displacing? Or are these going to be new programs that OEMs?
Raj Das Gupta
So, everything is a little bit new because this is a new sector. That said, the projects that we’re looking at currently are displacing other players.
Shawn Severson
Great. Thanks Raj. Congratulations as well. Thank you.
Raj Das Gupta
Thanks Shawn.
Operator
Thank you. Your next question is coming from Orin Hirschman from AIGH Investment Partners. Your line is live.
Orin Hirschman
Hi, congratulations on the progress as well. A couple of additional questions. Aaron, thank you for letting me ask some questions. Let’s say, for example, the bus application Infinity technology, is that critical in the bus application where that’s differentiated for you? Or is that it’s not as critical for the bus application? And what I mean to say is it’s very easy to understand sort of stationary application for energy storage, how it can make a massive difference in terms of lifetime and finance ability, et cetera. But does it make as much of a difference on the bus side?
Raj Das Gupta
Surprisingly, it does. So, buses, they traditionally are looking for at least 12-year life on these buses and sometimes up to 16 years, and they’re doing at least one cycle on the battery system per day. So, there’s – basically, no battery system other than ours that’s going to last the lifetime of the bus. So that in itself is a major selling point.
The second thing that is happening on the bus side is again, this is a nascent industry in terms of having electric buses, especially in North America. And there have been some safety incidents in the industry. So we believe that the bus OEMs are going to start placing a higher emphasis on safety, and that also plays well into Electrovaya’s hand.
So, those two factors, I think, are going to beat the capital costs of the solution. So, this is a good example of a market getting more mature in what they’re looking for.
Orin Hirschman
Meaning, you’re saying the capital costs, meaning that it’s not just price that makes the difference. You don’t have to beat on price because of the advantages on the lifetime really the IRR is what you’re saying and the safe safety, which is intangible?
Raj Das Gupta
Exactly. We never want to be anyone on price. We want to sell things at a higher price. So that’s why we’re profitable. That’s why we want to remain profitable. So we’re selling a technology, not a commodity.
Orin Hirschman
Okay. On the stationary for energy storage, I know you still have some work to do. Do you have any idea yet on the calculations or maybe you won’t until you’re running a durable system for amount – a certain amount of time in real life six months of a year to understand just the extension of the life cycle, just how far it can go. And what that means? And is for the stationary application is the safety aspect come off yet when you’ve had preliminary discussions?
Raj Das Gupta
It does, to some extent, they have some – there are some new standards coming up, for instance, in New York, where they require some of these new fire propagation tests, which, again, plays in our favor. But energy storage, for the most part, it’s all about the numbers. And again, it fits well with this technology. So they’re – we’re talking to our, I guess, our prospective developer partner, they’ve been informing us. There are certain markets where there are more than one cycle per day applications for energy storage. One example was the Texas market, and there are a few others.
So, again, this is similar to the bus segment, where there’s a certain degree of maturity forming with respect to the selection criteria of the battery technology. So it’s no longer just dollar per kilowatt hour, what’s the cheapest solution from my energy storage side, it’s now I’m looking at life cycle cost, you’re looking at how many cycles you can do on the battery and even on – a little bit on the safety side of things as well.
Orin Hirschman
Okay. And my last two questions. One is the component side. Is there anything we’re having trouble sourcing, the potential for trouble sourcing components particularly and any power-related semiconductors to be silicon carbide – unfortunately, I should be, but I’m not familiar what goes in electronics side, if there’s anything that might be an engaging factor and will that change at all on the stationary?
Raj Das Gupta
I’d say, for the most part those concerns are definitely being late, right? So we did have – last year, we had a chip shortage for certain microprocesses that we were using in our battery management system. And our engineering team was very quick in redesigning our BMS to use more easily obtainable chips. So, that was a good example of how nimble our team has been. Now those types of challenges are definitely decreasing. So not to say it couldn’t happen again. But right now, we don’t see any significant supply chain shortages with those key electronic parts.
Orin Hirschman
Are there any exotic material semis and systems look on car body or anything like that?
Raj Das Gupta
No. Not that I know of offhand.
Orin Hirschman
Great. Okay, thank you so much.
Operator
Thank you. There are no further questions in the queue.
Raj Das Gupta
Thank you, everybody, for your participation. That will conclude today’s conference call. Thank you very much and have a good evening.
Operator
Thank you, everyone. This concludes today’s event. You may disconnect at this time and have a wonderful day. Thank you for your participation.
The conference call was also impressive!!! A few more than usual questions were presented, is interest gaining here!
Electrovaya's Infinity Battery Technology Demonstrates Industry-Leading Cycle Life at Third Party Test Lab
Tuesday, April 18, 2023 5:00 PM
https://www.accesswire.com/749947/Electrovayas-Infinity-Battery-Technology-Demonstrates-Industry-Leading-Cycle-Life-at-Third-Party-Test-Lab
No new news from BWMG but plenty of press from them, hopefully we will get a positive update from them soon
Found these two articles on EFLVF on other boards today!
EFL has a booth at the International Battery Seminar in Florida at the same time as Promat.
Their Cell Dev Manager will be in attendance.
https://www.internationalbatteryseminar.com/
https://www.intheorious.com/chi/pub/fbc2023b_pub/#
Booth 616
Electrovaya initiated by Craig Hallum at buy. marketbeat.com/stocks/OTCMK... $EFLVF
https://www.marketbeat.com/stocks/OTCMKTS/EFLVF/price-target/
Okay, I had it wrong, you are right 90 days.
No 10K yet, I guess we will get a late file on the year-end report
I thought it was 45 days for a 10Q after quarter end and 60 days after year-end for a 10K. That would mean that a report is due in early March.
BTW I have been seeing a few good videos on Nomad by BWMG's management I hope that is a good sign for us.
Found this link on another board and thought it interesting article.
https://www.post-journal.com/news/top-stories/2023/02/electrovaya-seeking-investment-for-ellicott-factory/
Nice volume today, all we need now is some good news and we are off to Dollar Land!
Electrovaya Interview ~ Punto Medio Dr Sankar Das Gupta
The first few minutes are in Spanish, then it goes into English
Two news updates on $EFLVF yesterday one by Water Tower and the second one by a writer on Seeking Alpha could start a turnaround in the dismal trading we had the last few weeks. GLTA!!!
https://www.watertowerresearch.com/content/an-update-on-recent-events-with-dr-raj-dasgupta/teaser?utm_campaign=elts&utm_medium=social&utm_source=social
https://seekingalpha.com/article/4568139-electovaya-risk-receding-potential-growing-top-pick-2023?utm_campaign=twitter_automated&utm_content=article&utm_medium=social&utm_source=twitter_automated
Electrovaya Is Optimistic Its Solid-State Battery Has What It Takes to Reach Commercialization Soon In Increasingly Competitive Solid-State Tech Space
https://www.benzinga.com/markets/penny-stocks/22/12/30127455/electrovaya-is-optimistic-its-solid-state-battery-has-what-it-takes-to-reach-commercializati?irclickid=2fWwQh36ZxyIWX6XC8ydcwL-UkA2G3XZ1ytzXY0&irgwc=1&irpid=27795
Li-ion battery-maker Electrovaya poised for 2023 growth
Electrovaya CEO Raj DasGupta with his company's battery cells
CEO Raj DasGupta with Electrovaya battery cells. (Courtesy Electrovaya Inc.)
Mississauga-based Electrovaya Inc. has weathered some very tough times. But with 26 years of experience in the electric battery space and a proprietary technology that dramatically extends battery life, its CEO believes the firm will become a dominant force.
A lack of “serious electric motor vehicles” on the market near the end of the 2010s turned Electrovaya (EFL-T) into “survivors,” as CEO Raj DasGupta put it.
“The market wasn't there, we ended up having to make a difficult decision to either carry on with our focus or give up and find a new way,” said DasGupta, who took over the company from its co-founder, his father, in 2022. “We chose to do the latter. We shrunk our workforce by 90 per cent,” down to only 25 people.
“Electrovaya was on life support, essentially. But we had developed an interesting technology which saved the company.”
The company's lithium-ion Infinity batteries, he explained, do the work of 10 EV batteries and can last a decade or longer. Faced with a miniscule automotive EV sector, Electrovaya switched its focus to the warehousing, autonomous guided vehicles, power grid, medical and mobile device sectors following its 2018 restructuring.
Walmart was its first client under the new strategy, replacing the retailer’s forklift batteries with those of Electrovaya. Now the company has grown back to over 80 employees, and posted $13.6 million in revenue in its recent Q4 report.
It is also building a giga-scale plant in Jamestown, N.Y. to meet growing demand, aiming to have cells delivered from that site by Q2 or Q3 2024.
Electrovaya’s Infinity battery
DasGupta said the company’s largest customer is a Fortune 100 e-commerce retailer, with Walmart being its second largest. It has also partnered with the Raymond Corporation, a subsidiary of Toyota that manufactures forklift trucks and pallet jacks.
The Infinity battery has been the subject of over 100 patents and patent applications.
The core of Electrovaya’s battery is its ceramic separator membranes, which he explained make the lithium-ion cells much safer. The Raymond Corp. even set the batteries on fire as part of its testing process, according to DasGupta.
It also has a much longer life cycle than traditional batteries, lasting between 9,000 and 10,000 charges. That longer lifespan also means it won’t have to be recycled as early or as often as competing products.
The intellectual property-sensitive parts of the cell are made in Japan, shipped to China and then sent to Canada to undergo final assembly at Electrovaya’s Mississauga headquarters. Currently, DasGupta believes Canadian battery manufacturing isn’t as well-supported as it could be.
“Basically, the Fortune 500 list, a good portion of them are starting to use our products,” he said. “So Mars, Home Depot, Lowe's, these types of companies that generally move goods are all . . . If they're not already looking at it, they should be. Our solution ultimately saves.”
Electrovaya is looking at a number of different avenues for future battery applications, and plans on returning to the automotive space with solid-state technology which is under research and development.
“(We're) not planning to use Infinity technology, because they're not going to pay a premium or they don't need the cycles,” DasGupta said.
The solid-state technology could also be applied to the aerospace market.
Electrovaya’s future applications
“We, again, scratch our head and say, ‘Hey, who else needs a long-cycling, high-safety battery?’” DasGupta said. “So we were looking at electric buses to a degree right now. We're also looking at . . . grid-scale energy storage systems, where they need to last 20 years.”
Electrovaya hopes to get its grid-scale energy storage systems into the market by 2025, and has started to talk to partners in that space.
There is also an expectation of continued supply chain issues in the new year, although nowhere near to the same level as it was in the beginning of 2022.
“The beginning of the year was very hard,” he said. “We wouldn't get screws, we wouldn't get plastic parts. Lead times and everything was up in the air.”
The short-term focus in 2023 remains on material handling. The company put out public guidance of $57.2 million in revenue in the 2023 fiscal year, though DasGupta thinks it "can probably" do better.
In the long-term, Electrovaya plans to position itself as one of the major lithium-ion battery groups globally. Any such upgrading to get to that level would include an expansion of its Canadian footprint as well.
“We're a minnow but I think we’ll become a lion eventually,” he said. “Because we're doing such a good job.”
EDITOR'S NOTE: This article was updated after publishing to clarify information about the solid-state batteries under research and development and to correct the date Raj DasGupta became CEO of Electrovaya.
https://sustainablebiz.ca/li-ion-battery-maker-electrovaya-poised-for-2023-growth
Don't forget the Earnings report is due on Monday after market close.
TORONTO, ON / ACCESSWIRE / November 28, 2022 / Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF), a lithium-ion battery technology and manufacturing company, announces that it will release its fourth quarter and fiscal year 2022 financial results ending Sept 30, 2022, after market close on Monday, December 5th, 2022. Followed by a conference call and webcast with slides at 5:00 p.m. EST on the same day, presented by CEO, Dr. Raj DasGupta and CFO, John Gibson to discuss the financial results and provide a business update.
Conference Call & Webcast details:
Date: Monday, December 5th, 2022
Time: 5:00 p.m. Eastern Standard Time (EST)
Toll-Free: 877-407-8291 / 201-689-8345
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=eyCY4Yn5
https://finance.yahoo.com/news/correction-electrovaya-announces-date-q4-230300727.html
The Coolest Futuristic Scuba Products at DEMA 2022
Joe Oceanside
Guess who made the list twice a little company called Brownies.
Go BWMG!!! and thanks, Joe!
$EFLVF ~ As EV Manufacturers Look To Reduce Fire Hazards, Electrovaya Aims To Offer The Safest Lithium Ion Battery In The Industry
https://greenstocknews.com/news/otcmkts/eflvf/as-ev-manufacturers-look-to-reduce-fire-hazards-electrovaya-aims-to-offer-the-safest-lithium-ion-battery-in-the-industry
$EFLVF ~ As EV Manufacturers Look To Reduce Fire Hazards, Electrovaya Aims To Offer The Safest Lithium Ion Battery In The Industry
https://greenstocknews.com/news/otcmkts/eflvf/as-ev-manufacturers-look-to-reduce-fire-hazards-electrovaya-aims-to-offer-the-safest-lithium-ion-battery-in-the-industry
As EV Manufacturers Look To Reduce Fire Hazards, Electrovaya Aims To Offer The Safest Lithium Ion Battery In The Industry
As electric vehicles (EVs) from Tesla Inc. (NASDAQ: TSLA), General Motors Co. (NYSE: GM), Ford Motor Co. (NYSE: F) and Stellantis NV (NYSE: STLA) catch fire in the wake of Hurricane Ian, manufacturers have placed renewed urgency on finding safer, less fire-prone batteries to power their EVs.
The outbreak of EV fires mirrors the aftermath of Hurricane Sandy in 2012 when over 300 EVs manufactured by Fisker Inc. (NYSE: FSR) caught fire in Newark, New Jersey.
To address those serious safety issues, Electrovaya Inc. (OTCQB: EFLVF) has spent decades refining its proprietary Infinity Battery platform to offer one of the safest lithium-ion batteries on the market. Here’s what sets its technology apart from the rest.
Solving Lithium Ion Battery Safety Issues Remains An Industry Wide Challenge
Leading EV battery suppliers like LG Energy Solution Ltd. (KRX: 373220), Panasonic Holdings (OTCMKTS: PCRFY) and Contemporary Amperex Technologies Co. Ltd. (SHE: 300750) have been working hard to improve the safety of their technology but still face regular recalls. That’s because lithium-ion batteries are fire-prone by nature. The liquid electrolyte that the battery’s charge flows through is a highly flammable solvent.While certain design features can help minimize safety and fire risk, defective materials, damage, or the gradual degradation of materials with time can all make the battery more vulnerable to failure.
Electrovaya’s Infinity Battery Aims to Set the Standard for Safety in Lithium Ion Technology
To make its Infinity Battery platform as safe as possible, Electrovaya uses a pouch cell design with a proprietary electrolyte optimized to withstand high temperatures and a unique woven ceramic separator that can withstand extreme heat.
That design ensures multiple levels of thermal protection to decrease the likelihood of a fire while the pouch cell design offers a final stop-gap safety measure to contain any fire within the sub-module where it ignited, thereby preventing flames from escaping the enclosure.
In addition to the safe design of the battery cells themselves, Electrovaya has developed its own cloud-based Battery Management System that monitors battery health, temperature and charging state to anticipate repairs and maintenance needed as well as automatically shut down the battery when it detects unsafe conditions. It’s features like these that helped the battery successfully pass safety testing to receive UL 2580 certification, an industry safety standard for EV batteries.
The technology, having already been used to power about 20,000 Daimler smart cars, Electrovaya says batteries with the Infinity Technology has had zero safety incidents to date, making them one of the few lithium ion battery platforms have no known safety incidents.
About Electrovaya Inc.
Electrovaya Inc. (TSX: EFL) (OTCQB: EFLVF) 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. Electrovaya is a technology-focused company with extensive IP, designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Company's Infinity line of batteries is focused on commercial vehicles and its Solid State Technology under Development is focused on passenger vehicles. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.
This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.
Contact Details
Jason Roy
+1 905-855-4618
jroy@electrovaya.com
Company Website
https://electrovaya.com/
https://greenstocknews.com/news/otcmkts/eflvf/as-ev-manufacturers-look-to-reduce-fire-hazards-electrovaya-aims-to-offer-the-safest-lithium-ion-battery-in-the-industryndustry
Electrovaya to Participate at the Upcoming Barclays Global Automotive and Mobility Tech Conference
Mon, November 14, 2022 at 4:10 PM
TORONTO, ON / ACCESSWIRE / November 14, 2022 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, will be participating at the Barclays Global Automotive and Mobility Tech Conference for a fireside chat on Wednesday, November 30, 2022 at 12:00pm ET.
The conference will feature automakers and suppliers, as well as other companies at the forefront of the revolution in mobility. The agenda will include a mix of company presentations and fireside chats followed by Q&A. Additionally, most participating companies will hold private one-on-one and group meetings with investors.
Investor and Media Contact:
Jason Roy
Director, Corporate Development and Investor Relations
Electrovaya Inc.
Telephone: 905-855-4618
Email: jroy@electrovaya.com
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) 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. Electrovaya is a technology-focused company with extensive IP, designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Company's Infinity line of batteries is focused on commercial vehicles and its Solid State Technology under Development is focused on passenger vehicles. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com
SOURCE: Electrovaya, Inc.
View source version on accesswire.com:
https://www.accesswire.com/725647/Electrovaya-to-Participate-at-the-Upcoming-Barclays-Global-Automotive-and-Mobility-Tech-Conference
https://finance.yahoo.com/news/electrovaya-participate-upcoming-barclays-global-211000188.html
Up 14% on heavier than usual volume is good news coming?
Brownie’s Marine Group Announces 70.2% Increase in Revenues for the YTD-2022 vs. YTD-2021
Nov. 08, 2022 3:35 PM ET
Brownie's Marine Group, Inc. (BWMG)
Pompano Beach, FL, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Brownie’s Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment, high-pressure air and industrial compressors and dive retailer in the marine industry, today announced results for the third fiscal quarter ending September 30st, 2022.
Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “We are very pleased with the continued growth of the Company through the third quarter, and we’re focused on closing out the balance of the year with a rigorous effort for year over year quarterly growth. Our third quarter focus was to make the most of our typical seasonal peak, supporting our customers with product and sales support to ensure a successful end to the summer season. We look for Q4 to show the normal seasonal adjustment to revenue and we continue to monitor the economic indicators, and the strength of the US dollar to adjust our operating plan, as necessary.”
Mr. Constable continued, “I’ve had some investors comment to me that all of our press releases are starting to sound the same, continued quarterly growth, etc., and I can appreciate that. One of the things that I want to point out is that in Q3-2019 we had revenues of $841 thousand and have grown revenues 330% through Q3-2022. We have been continuously expanding our markets, and carefully acquiring complimentary pieces, and I am very proud of our team for the operational success we have been having.”
Key Fiscal Q3-2022 Highlights vs. Q3-2021
¦ Total Net Revenues increased 80.2% to $2.81 million for Q3-2022 vs. $1.56 million in Q3-2021.
¦ LW Americas sales increased 193.9% to $350.8 thousand for Q3-2022 vs. $119.4 thousand for Q3-2021.
¦ BLU3, Inc. revenue increased 187.2% to $980.2 thousand for Q3-2022 vs. $341.3 thousand for Q3-2021.
¦ The Adjusted Net Income increased to $141.9 thousand for Q3-2022 vs. -$126.6 thousand in Q3-2021.
Key Fiscal YTD-2022 Highlights vs. YTD-2021
¦ YTD-2022 Revenue increased 70.2% to $7.19 million as compared to $4.22 million for the YTD-2021.
¦ LW Americas sales increased 52.9% to $897.9 thousand for YTD-2022 vs. $477.1 thousand for YTD-2021.
¦ BLU3, Inc. revenue increased 120.8% to $2.66 million for YTD-2022 vs. $1.20 million for YTD-2021.
¦ The Adjusted Net Income increased to $144.9 thousand for YTD-2022 vs. -$161.2 thousand in YTD-2021.
Select Financial Metrics: Three Months and Year to Date Ended Sept 30th, 2022, Comparisons
(In thousands) Q3-22 Q3-21 Change YTD22 YTD21 Change
Total Net Revenues $ 2,808.80 $ 1,558.71 80.20 % $ 7,185.02 $ 4,222.40 70.16 %
Legacy SSA Products – Brownies Third Lung $ 913.78 $ 976.90 -6.46 % $ 2,291.92 $ 2,419.90 -5.29 %
High Pressure Gas Systems – LW Americas $ 350.84 $ 119.39 193.86 % $ 897.85 $ 477.10 88.19 %
Ultra-Portable Tankless Dive Systems – Blu3 $ 980.17 $ 341.29 187.20 % $ 2,659.03 $ 1,204.30 120.79 %
Redundant Air Tank Systems – Submersible Systems $ 471.05 $ 121.13 NM $ 1,192.99 $ 121.10 NM
Guided Tour/Retail - Live Blue $ 92.96 - NM $ 143.23 - NM
Operating Income (loss) $ (272.60 ) $ (247.61 ) 10.09 % $ (1,025.68 ) $ (1,229.34 ) -16.57 %
Net Income (loss) $ (284.19 ) $ (89.80 ) 216.47 % $ (1,056.94 ) $ (1,071.47 ) -1.36 %
Adjusted Net Income (loss) $ 141.91 $ (126.64 ) 212.05 % $ 144.92 (161,178 ) 100.09 %
NM = not measurable/meaningful
Operational Highlights
¦ July 2022 – LW Americas added a new distribution partner in Mexico
¦ August 2022 – BLU3, Inc Shipped its 5,000th unit, as well as recorded it 1,000th shipment of the Nomad system.
Non-GAAP Financial Measures
This press release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). We report adjusted net income (loss) to measure our overall results because we believe it better reflects our net results by excluding the impact of non-cash equity-based compensation. We believe the presentation of adjusted net income (loss) enhances our investors’ overall understanding of the financial performance of our business.
We believe that investors should have access to the same set of tools that we use in analyzing our results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
The following is an unaudited reconciliation of adjusted net income (loss) to net income (loss) for the periods presented (YTD and Q3-2022 vs. YTD and Q3-2021):
Nine Months and Year to Date Ended September 30,
2022 2021
Net income (loss) (1,056,944 ) (1,071,465 )
plus:
Depreciation & Amortization 277,366 119,111
Shares issued for Interest 30,049 -
Stock issued for services 47,501 180,952
Stock-based compensation issued to CEO and employees 11,060 -
Stock-based compensation – options 835,892 779,824
Loan Forgiveness - (169,600 )
Adjusted net income (loss) 144,924 (161,178 )
Three Months Ended September 30,
2022 2021
Net income (loss) (284,190 ) (540,679 )
plus:
Depreciation & Amortization 103,943 54,134
Shares issued for Interest 7,001 -
Stock issued for services - 55,952
Stock-based compensation issued to CEO and employees - -
Stock-based compensation – options 315,153 303,949
Loan Forgiveness - -
Adjusted net income (loss) 141,907 (126,644 )
About Brownie’s Marine Group
Brownie’s Marine Group, Inc., owns and operates a portfolio of companies with a concentration in the industrial, and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has five subsidiaries focused on various sub-sectors of our industry, including Brownie’s Third Lung, Inc. in Surface Supplied Air, BLU3, Inc. in Ultra-Portable Tankless Dive Systems, LW Americas in High Pressure Gas Systems and Submersible Systems, Inc. in Redundant Air Tank Systems, and Live Blue, Inc. The Company’s wholly owned subsidiaries do business under their respective trade names on both a wholesale and retail basis from our headquarters and manufacturing facility in Pompano Beach, Florida, and a manufacturing facility in Huntington Beach, California.
For more information, visit: www.BrowniesMarineGroup.com.
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “SEC”) on April 22,2022, and our other periodic and quarterly filings with the SEC.
Source: Brownie’s Marine Group, Inc.
Contact Information: (954) 462-5570
investors@browniesmarinegroup.com
https://www.globenewswire.com/newsroom/ti?nf=ODY5MjMxMiM1MjUyMDkzIzUwMDAyNTU5OA==
https://ml.globenewswire.com/media/YWIwNjJmMzAtZTY1My00MmY1LTlmMWMtOGI1YmI2OTVjYWRjLTUwMDAyNTU5OA==/tiny/Brownie-s-Marine-Group-Inc-.png
https://ml.globenewswire.com/media/523b847b-8625-4ae3-bb7d-dda652519616/small/logo-png.png
Source: Brownie's Marine Group, Inc. (BWMG) 2022 GlobeNewswire, Inc.
https://seekingalpha.com/pr/19011823-brownie-s-marine-group-announces-70_2-percent-increase-in-revenues-for-ytdminus-2022-vs
The numbers are looking good! A nice PR could get this going!!!
The time to buy is now!
GLTA!!!
Fireside Chat: Electrovaya, Inc. (OTC: EFLVF, TSX: EFL) CEO Dr. Raj DasGupta
Description
Please join us for a conversation with Electrovaya CEO Dr. Raj DasGupta. He will provide an overview of recent events at the company. Join us to hear about:
• Preliminary revenue for 4QFY22, ending September 30, 2022.
• The selection of New York State as the location for its first US gigafactory, adding to its existing two Canadian facilities for the production of cells and batteries.
• An update on milestones and targets for FY23 and beyond.
Time
Nov 3, 2022 04:00 PM in Eastern Time (US and Canada)
https://us06web.zoom.us/webinar/register/7916661069300/WN_OehVN3nFTRK1ucdM6M3-HA
Electrovaya Is Scaling Production On Some Of The Safest, Longest-Lasting Lithium-Ion Batteries On The Market To Help Economies Meet Clean Energy Goals
by
Rachael Green
October 24, 2022 8:03 AM | 4 min read
https://www.benzinga.com/markets/penny-stocks/22/10/29376808/electrovaya-is-scaling-production-on-some-of-the-safest-longest-lasting-lithium-ion-batterie
Article in the Buffalo News...
Electrovaya plans $75 million lithium-ion battery plant in Chautauqua County
A Canadian maker of lithium-ion batteries plans to open a $75 million manufacturing plant in southern Chautauqua County that promises to employ 250 when fully staffed.
Electrovaya, a publicly traded company based in Mississauga, Ont., said it had chosen a former manufacturing plant near Jamestown for the project. The facility will make cells and batteries for transportation and utility storage, and is expected to open in fall 2023.
“We wanted to find an area of the state that was local to us and that we could grow with,” said John Gibson, the chief financial officer. “Jamestown’s a small town, but there’s a lot of small Canadian towns that just need that small push in order to get them going.”
Electrovaya’s project will give the company its first U.S.-based plant, while reviving a dormant manufacturing facility in the Town of Ellicott. Heidenhain closed an electronics and optics factory at the site in 2018, eliminating about 40 jobs.
Gibson said the facility, which contains clean rooms, perfectly suits Electrovaya’s needs.
“It requires very little in terms of upgrading to get ready for us to move in,” he said. “Essentially all we’re doing is purchasing equipment, having it commissioned and installed, and we’re off to the races.”
The facility has ample space to expand production as the market grows, and additional land if the company needs to add square footage, Gibson said. Plus, the facility is not far from Raymond Corp., a forklift maker and strategic partner based in Central New York.
Electrovaya plans to hire for a variety of jobs, including production workers, engineers and managers.
“I think what we want to do is kind of put Jamestown on the map as a kind of hub for not only lithium ion batteries, but renewable energy,” Gibson said. “We’re going to do our absolute best to promote the town and the surrounding area. There’s going to be a lot of jobs opening up there.”
The United States is about 90% of the total market for Electrovaya's products, he said. Opening a U.S. facility will allow the company to compete for sales that may have “buy-American” requirements attached to them, such as electric buses and trucks.
“This really opens the door for that side of the business,” Gibson said.
State officials hailed the project as an investment supporting New York State's goals to promote "clean tech" development. Empire State Development will provide up to $4 million Excelsior Jobs Tax credit program, which is tied to job creation at the plant. And the project will receive $2.5 million in Regional Council capital funding. It also has been granted low-cost hydropower from the New York Power Authority.
Electrovaya expects it will be eligible for other state funds, as well as federal funding from various sources.
In its most recent quarterly report, the company projected sales for its 2022 fiscal year, which wrapped up at the end of September, would be $21 million in U.S. dollars. Electrovaya projects that figure will rise to $44 million in its current, 2023 fiscal year.
The Chautauqua County plant will mark a significant step for a company that has been around since 1996, Gibson said.
“There’s been a lot of battery companies that have come and gone, but we’ve managed to stay around, stay relevant, and we’ve got no intentions on slowing down anytime soon," he said. "This isn’t, let’s roll the dice and come in and see what we can do over the next couple of years. This is, we’re coming here and putting our footprint in Jamestown.”
I kinda like this quote from Raj, he must be working on some deal or partnerships to help fund this plan.
Good luck to all, holding my shares very tight.
Nice Blog for BWMG!!!
Let's hope they weathered the storm safely, looks like they did, this blog post was posted today.
https://www.diveblu3.com/top-5-reasons-to-use-a-mini-scuba-system?utm_source=BLU3+Monthly&utm_campaign=fe302dbc2a-EMAIL_CAMPAIGN_2022_09_28_06_48&utm_medium=email&utm_term=0_06374ef09d-fe302dbc2a-75020115&goal=0_06374ef09d-fe302dbc2a-75020115&mc_cid=fe302dbc2a&mc_eid=e9b92c010d
Podcast: Electrovaya and the drive for safer and bigger batteries
By Stuart Fieldhouse 29th September 2022
Related Topics: Green stocks to invest in, Electrovaya [TSE:EFL]
https://www.thearmchairtrader.com/electrovaya-raj-das-gupta/
Squire, I have never seen a day like this before either up in the morning on huge volume and down at the close on small volume, something strange is happening here.
At first, I thought a trading group was getting in here because of the fact of a volume spike on no news. Then the walk down on low volume left me wondering what was really happening. My guess in the days to come we will find out what really is happening here. I am still holding here hoping for the best. This could go either way in the near future lots of good things are happening that could make this a winner. But it only takes one bad thing to make it go in the other direction.
GLTA!!!
Another CEO interview!!!
https://energy-cast.com/149-electrovaya.html
Marine Electric Vehicles Market is Slated to Witness Tremendous Growth in Coming Years | by Electrovaya, Corvus Energy, Duffy Electric Boat
By XheraldPublishedSeptember 12, 2022
New Jersey, United States – Analysis of Marine Electric Vehicles Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast
Marine Electric Vehicle Market is projected to arrive at USD 7,652.13 Million by 2028, developing growth during the conjecture time frame. The Marine Electric Vehicle Market is encountering phenomenal development in light of the fact that the interest in automated marine vehicles is developing dramatically. These Marine Electric Vehicles have many purposes in nautical and marine tasks. They are likewise helpful in diagramming and planning the sea floor, extricating valuable assets close to sea shores – a genuine illustration of this is a hydrocarbon, and doing significant and imperative logical exploration. They are helping oil organizations track down new and valuable wellsprings of oil underground. Their phenomenal submerged cameras make this conceivable.
The Marine Electric Vehicles market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximately percent over the forecast period, according to our most recent report.
Receive the Sample Report of Marine Electric Vehicles Market Research Insights 2022 to 2028 @ https://www.infinitybusinessinsights.com/request_sample.php?id=953464
State-run administrations all over the planet tried to contain this infection with brief lockdowns and measured isolations. These had restricted impact as far as containing the infection. They did, be that as it may, adversely influence many Marine Electric Vehicle markets and ventures. The Marine Electric Vehicle Market was one of these. Numerous producers of these vehicles found the natural substances expected to make them elusive. This raised the expense of delivering them. They had to sell these vehicles at a greater cost on the market. Significant oil and gas organizations are continually taking a gander at new regions to mine more unrefined petroleum and flammable gas in. since their customary sources are beginning to ‘evaporate’ they are seeking the ocean for assets. The ocean is to a great extent neglected and brings numerous assets to the table for organizations in numerous businesses. This is a significant driver of development in the Marine Electric Vehicle Market.
Producers of these Marine Electric Vehicles see genuine lucrative open doors as far as the kinds of organizations that will purchase their items. They are putting vigorously into innovative work. The goal is to make another age of submerged mechanical vehicles that have a greater number of purposes than the current age does. These vehicles are likewise expected to be cost-proficient and have a more prominent ROI. There is one variable that might keep down development in the Marine Electric Vehicle market. This is the way that assembling these submerged automated vehicles is extravagant. This powers makers to give the additional expenses for the people who get them as greater costs It deters many would-be clients from buying.
Segmentation
The battery-electric sub-section held the biggest Marine Electric Vehicle market share a long time back. This sub-fragment will have the most noteworthy growth until 2028. This is because of the way battery-electric controlled submerged vehicles are financially savvy. They are additionally reasonable, simple on the climate, and simple to keep up with. The expense of keeping up with these vehicles isn’t extremely high by the same token.
Of the two sub-fragments, the on-water sub-section had the most elevated Marine Electric Vehicle market offer and valuation in 2022. The submerged sub-fragment will have the most elevated growth until 2028. New interests in innovative work bring about better and all the more mechanically progressed automated marine vehicles with a larger number of purposes and applications than past ages of automated marine vehicles.
The tactical sub-section had the most elevated Marine Electric Vehicle market share in 2022. All things considered, the autonomous submerged submarine sub-fragment is supposed to enroll the most noteworthy growth until 2028. The justification for this is that numerous areas and businesses like the American military and safeguard, the oil and gas, and the natural insurance ventures are driving up interest for these vehicles at a dramatic rate.
Regional analysis
The North American district will have the most noteworthy regional growth until 2028. This makes sense of why it will have the most elevated regional Marine Electric Vehicle market share too. America, particularly, is home to many enormous automated marine vehicles. These incorporate Triton and Boeing.
The Asia-Pacific and Latin American locales are additionally expected to see solid growth. To be sure, the Marine Electric Vehicle market offers will be expanding considerably for the time span being examined. The militaries and different ventures in these locales are getting more extravagant. They need to purchase more successful and strong submerged vehicles that are mechanical for different purposes including maritime and research-based.
Key Players
Electrovaya
Corvus Energy
Duffy Electric Boat
Torqeedo GmBH
Triton Submarines
Ruban Bleu
Saft
Wärtsilä
Boeing
Click here to Download the full index of the Marine Electric Vehicles market research report 2022
Contact Us:
Amit Jain
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Email: inquiry@infinitybusinessinsights.com
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This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on mediarelations@xherald.com.
https://www.digitaljournal.com/pr/marine-electric-vehicles-market-is-slated-to-witness-tremendous-growth-in-coming-years-by-electrovaya-corvus-energy-duffy-electric-boat
Great day in trading for $ELFVF, 6-month high on volume and price today!
Ellicott holds special meeting for CDBG grant
https://www.observertoday.com/news/local-region/2022/09/ellicott-holds-special-meeting-for-cdbg-grant/
Sept 8, 2022
Ellicott holds special meeting for CDBG grant
The town of Ellicott is applying for state funding that will help Electrovaya, an electric bus manufacturer, to a vacant town business.
Ellicott Town Board members held a public hearing last week for a proposal to submit an application for a $750,000 Community Development Block Grant. Janet Bowman, town supervisor, said the CDBG grant will be used to purchase and install new machinery and equipment if it is approved by the state.
While the town held a special meeting with an opportunity for community members to attend and make public comments, Bowman said the meeting was not well attended.
“We had no one from the community in attendance at our meeting on August 30,” she said.
Despite the community’s lack of interest in the meeting and public hearing, Bowman said town officials accomplished the goal of the meeting. The board approved the resolution for the application of the CDBG grant.
After the board approved the grant, Bowman said she signed the grant application for the New York State Office of Community Renewal for an estimated $750,000. However, she explained the exact amount of the grant would be determined by the state.
“The grant is to be paid to Chautauqua Region Economic Development Corporation,” she said. “The CREDC will distribute to Electrovaya as loans.”
Electrovaya is a manufacturer and developer of portable lithium-ion batteries that recently received the Gov. Kathy Hochul’s support for expansion through the New York Power Authority.
The company’s proposal to develop a manufacturing facility in Jamestown for domestically produced cells and modules for electric buses could eventually expand to over 300 job opportunities in the manufacturing sector.
Bowman said the CDBG grant will have a positive impact on the community by providing additional job opportunities.
“The benefit to the town is an estimated 65 new employment positions,” she said.
In addition to passing the resolution for the application of the CDBG grant for Electrovaya, the town board also passed a resolution in support of a second public hearing for Jamestown Advanced Products Corporation’s completed CDBG.
The town’s second public hearing for Jamestown Advanced Products Corporation’s CDBG is scheduled for Sept. 19 at 6 p.m.