Electrovaya Inc (ELVA)

[Televet]

Electrovaya Receives US$3.05 million Battery Order for Materials Handling Electric Vehicles

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Wed, January 12, 2022, 3:00 AM·2 min read


TORONTO, ON / ACCESSWIRE / January 12, 2022 / Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF), a lithium-ion battery manufacturer with differentiated intellectual property that allows heightened safety and improved longevity enabling industry-leading performance, today announced the receipt of a battery purchase order through its OEM sales channel valued at about US$3.05 million. The batteries will be used by a leading Fortune 100 company to power Materials Handling Electric Vehicles ("MHEVs") in a new distribution centre in the United States.


This purchase order follows the successful deployment of Electrovaya batteries in two of the end user's distribution centers in 2021, which the Company announced on July 20, 2021. The Company expects to deliver the batteries during its fiscal second quarter ending March 31, 2022.

The end user has indicated that it will purchase additional Electrovaya batteries in the first half of calendar 2022 to power MHEVs at other sites. Deliveries, of such potential orders, are expected to be made during Electrovaya's 2022 fiscal year, however there is no certainty for any such orders and deliveries.

"Not only is this an exciting project, but it also demonstrates the Company's ability to make rapid deliveries for large projects. Taking into account the end user's forecasts for additional sites, we expect that this user will become Electrovaya's single largest operator of MHEV batteries by the end of the year," said Dr. Raj DasGupta, COO of Electrovaya.