Electrovaya receives $4.5 million in new battery orders from e-commerce giant

TORONTO - Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) announced Tuesday it has received new purchase orders totaling approximately US$4.5 million through its OEM sales channel for battery systems to power material handling electric vehicles. The company, with a market capitalization of $151.68 million, has shown strong momentum with a 10.2% return over the past week, according to InvestingPro data.

The orders come from a Fortune 100 e-commerce company operating in the United States and Canada. With this latest order, Electrovaya’s total sales to this customer in fiscal 2025 have exceeded US$20 million, according to the company’s press release.

The battery systems will be deployed at multiple distribution centers, adding to previous installations. The company stated that with this shipment, the end customer will have deployed over 2,800 battery systems across more than 50 distribution centers in three countries spanning two continents.

"We are thrilled to receive another round of repeat orders from a globally recognized customer," said Dr. Jeremy Dang, Vice President of Business Development at Electrovaya, in the company statement.

Electrovaya, a lithium-ion battery technology and manufacturing company, designs its battery systems for high-duty-cycle applications in industrial electric vehicle fleets.

The company indicated that additional orders are under consideration as part of the customer’s continued electrification strategy, though no specific commitments were mentioned.

Electrovaya operates two sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned expansion.

In other recent news, Electrovaya Inc. has announced several significant developments. The company reported the completion of UL2580 certification for 448 models of its lithium-ion battery systems, which include its current 47Ah cell and the upcoming 54Ah ceramic cell. These certified models are expected to be available to customers later this year. Additionally, Electrovaya secured a $6.3 million order from a Fortune 100 firm for lithium-ion batteries to be used in electric vehicles at various distribution centers in the U.S. This order is part of a series of purchases totaling over $16 million from the same customer this fiscal year.

Moreover, Electrovaya has entered a commercial supply agreement with Janus Electric to provide lithium-ion battery systems for heavy-duty Class 8 trucks. This partnership aims to support the electrification of trucks in the Australian and U.S. markets. In another strategic move, Electrovaya appointed MIT Professor Donald R. Sadoway to its Board of Directors, bringing his expertise in battery technology to the company. These recent developments underscore Electrovaya’s ongoing efforts to expand its market presence and enhance its technological capabilities.

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