Electrovaya to Establish Lithium-Ion Gigafactory in New York State
Electrovaya's first U.S. facility adds to its existing two Canadian facilities and will produce its proprietary high-performance lithium-ion cells and batteries
TORONTO, ON / ACCESSWIRE / October 3, 2022 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, is pleased to announce that it has selected New York State as the location for its first U.S. gigafactory (the "Gigafactory"), for the production of cells and batteries.
Electrovaya will set up operations at a 137,000 square foot plant on a 52-acre campus near Jamestown, NY. The Company is developing the Gigafactory due to rising demand for its lithium-ion batteries, which provide superior safety and longevity in demanding applications for e-forklifts, e-trucks, e-robots, e-buses and more.
Dr. Raj Das Gupta, CEO of Electrovaya, said: "Electrovaya is proud to build our first U.S. gigafactory in New York State to manufacture our high-performance lithium-ion battery products with 100% renewable energy. We are very pleased to have strong support from the State for this venture and expect to continue to find additional non-dilutive funding to support capital needs."
"The Gigafactory will achieve three key objectives for the Company: Increase our manufacturing capacity to meet growing demand, improve our supply chain security and overall gross margins through added vertical integration, and develop additional market opportunities given the significant U.S.-based manufacturing capacity," continued Dr. Das Gupta.
Empire State Development (ESD) is assisting the project by providing up to $4 million of tax credits through the performance-based Excelsior Jobs Program, and $2.5 million of funding through the Regional Council Capital Fund Program. The Gigafactory will be located in a former electronics manufacturing facility and is expected to create approximately 250 new jobs, with expected production of more than one GWh of battery and energy storage systems over the next five years.
Electrovaya will also be eligible for other New York State funds, as well as U.S. federal funding from various agencies and programs . In July, the New York Power Authority Board of Trustees approved an allocation of more than 1.5 megawatts of low-cost hydropower under the Power Authority's Industrial Economic Development program to meet the increased electric load resulting from the Gigafactory. The final capital cost of the facility is estimated at approximately $75 million, and it is expected to open in phases starting late 2023.
Please find below a link to the New York State announcement made earlier today:
