Electrovaya Inc (ELVA)

[MFH55]

TORONTO, ON / ACCESSWIRE / April 3, 2023 / Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, has closed the previously announced purchase of its planned manufacturing site in Jamestown, New York as of March 31 2023. The site includes 52 acres of land, including a building previously utilized for the manufacturing of electronic components.
Electrovaya expects to start battery system assembly at the Jamestown facility later in calendar year 2023 and is planning significant investments at the site to enable production of its proprietary lithium ion ceramic cells. Electrovaya's battery products have best in class safety and cycle life and the company sees growing demand in electric heavy duty vehicles and energy storage applications utilizing its technology.

The Jamestown site has access to low cost renewable energy as agreed with the New York Power Authority. The site is well connected to transportation, has excellent room for expansion, and has close proximity to the company's existing facilities in Ontario in addition to current and prospective OEM customer manufacturing facilities.