Electrovaya Inc (ELVA)

[MFH55]

Nice bump today. “Now, we get to see the green transition through the eyes of a smaller company. Electrovaya, a developer and manufacturer of portable lithium-ion batteries, is expected to be the new tenant of the former Acu-Rite building at 1 Precision Way, Ellicott and was recently announced as a recipient of a low-cost hydropower allotment from the Niagara Power Project.

Electrovaya is expected to create 50 direct manufacturing jobs in Jamestown in its first year and has the potential, according to company officials, to expand to more than 300 jobs. But that only happens if its lithium-ion battery, billed as the forever battery, catches on.” Electrovaya is working to increase its financial viability, with revenue expected to double in 2022 to between $21 and $25 million, according to second quarter financial results. The company has also received a needed credit increase.