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TORONTO - Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), which has seen its stock surge over 50% in the past year according to InvestingPro data, announced Tuesday it has launched multiple battery system products for robotic vehicle platforms developed with three major OEM partners.
The lithium-ion battery technology company said the systems were created in collaboration with two U.S.-based OEMs and one Japanese OEM for applications ranging from material handling to surveillance systems.
Initial deliveries to all three OEMs will begin in the current quarter, with commercial deliveries expected to accelerate from fiscal year 2026 onward, according to the company’s press release statement.
The battery solutions were designed to provide long run times, extended life expectancy, rapid wireless charging capabilities, and 24/7 operational functionality.
"We are excited to launch these new customized solutions for the rapidly expanding robotic vehicle segment with some of the world leading OEMs in the segment in both the United States and Japan," said Dr. Raj DasGupta, CEO of Electrovaya.
Electrovaya operates two sites in Canada and has a 52-acre site with a 137,000 square foot manufacturing facility in Jamestown, New York for its planned gigafactory.
The company describes the product launch as part of a major development effort targeting the robotics segment, which it identifies as aligned with its lithium-ion technology capabilities. With a healthy current ratio of 3.89 and moderate debt levels, Electrovaya appears well-positioned for this expansion. For deeper insights into Electrovaya’s growth potential and 15+ additional ProTips, visit InvestingPro.
In other recent news, Electrovaya Inc. has received new purchase orders worth approximately $4.5 million for its battery systems from a Fortune 100 e-commerce company. These orders contribute to Electrovaya’s total sales to this customer exceeding $20 million in fiscal 2025. Additionally, Electrovaya announced a significant $6.3 million order from the same Fortune 100 e-commerce firm for lithium-ion batteries intended for electric vehicles in material handling. This order is part of ongoing purchases by the customer, with total orders surpassing $16 million this fiscal year. In another development, Electrovaya has completed UL2580 certification for 448 models of its lithium-ion battery systems, covering both current and upcoming cell technologies. The certification includes systems that will be produced at the company’s Jamestown, New York facility in 2026. Moreover, Electrovaya has signed a commercial supply agreement with Janus Electric Holdings Limited to provide battery systems for heavy-duty Class 8 trucks. This partnership will support Janus Electric’s swappable battery platform for converting diesel trucks to electric vehicles.
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