Electrovaya completes UL2580 certification for 448 battery models

TORONTO - Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), a $142 million market cap company whose stock has surged 43% over the past six months according to InvestingPro data, announced Thursday it has completed UL2580 certification for 448 models of its latest generation 24V, 36V, and 48V lithium-ion battery systems.

The certification covers battery systems using the company’s current 47Ah cell and its upcoming 54Ah ceramic cell, which will be mass produced at Electrovaya’s Jamestown, New York facility in 2026.

According to the company’s press release statement, the newly certified models feature improved charge rates, energy density, ergonomics and overall performance. The battery systems underwent rigorous safety testing including fire propagation, vibration, shock and short circuit tests.

"This is an important milestone as we prepare to launch our next generation of products for one of our key industrial markets," said Dr. Raj DasGupta, CEO of Electrovaya.

The certified battery systems will begin to be available to customers later this year, with the company stating they provide high energy densities for the material handling industry.

Electrovaya, a lithium-ion battery technology and manufacturing company, designs and produces battery systems for energy storage and heavy-duty electric vehicles. The company operates two sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state.

In other recent news, Electrovaya Inc. announced a significant order valued at approximately $6.3 million from a top Fortune 100 e-commerce company in the United States. This order is part of a series of purchases totaling over $16 million for lithium-ion batteries to be used in electric vehicles at multiple distribution centers. Additionally, Electrovaya has entered into a commercial supply agreement with Janus Electric Holdings Limited to provide lithium-ion battery systems for heavy-duty Class 8 trucks, targeting the Australian and U.S. markets. The financial terms of this agreement were not disclosed.

In corporate governance developments, Electrovaya appointed MIT Professor Donald R. Sadoway to its Board of Directors. Sadoway is recognized for his contributions to battery technology and metals extraction. Electrovaya is expanding its operations with the acquisition of a 52-acre site in New York state for a planned gigafactory. These initiatives are part of the company’s efforts to advance in the energy sector and contribute to sustainability.

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