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TORONTO - Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), a battery technology company with a market capitalization of $125 million and showing strong momentum with a 27% price return over the past six months, has entered into a commercial supply agreement with Australia-based Janus Electric Holdings Limited (ASX:JNS) to provide lithium-ion battery systems for heavy-duty Class 8 trucks, according to a company statement released Tuesday. InvestingPro data shows the company maintains a healthy current ratio of 3.89, indicating strong short-term financial stability.
Under the agreement, Electrovaya will supply high voltage lithium-ion battery systems to support Janus Electric’s swappable battery platform, which converts diesel-powered trucks to zero-emission electric vehicles. The systems will incorporate Electrovaya’s proprietary cell technology. According to InvestingPro analysis, Electrovaya is expected to achieve profitability this year, with analysts forecasting positive earnings growth. Subscribers can access 12 additional ProTips and comprehensive financial metrics on the platform.
"Class 8 trucks, especially those in Australia, where some of the heaviest loads are carried over long distances, represents one of the most challenging applications to electrify and requires superior battery technology," said Dr. Raj DasGupta, CEO of Electrovaya.
Ian Campbell, CEO of Janus Electric, stated that the agreement provides access to "high-quality, scalable battery technology that meets the rigorous demands of freight and logistics operations."
The partnership targets the Australian and U.S. markets for heavy-duty truck electrification. Janus Electric currently supports operations across five Australian states through its Central Coast-based production facility.
Electrovaya, headquartered in Ontario with two operating sites in Canada, has also acquired a 52-acre site with a 135,000 square foot facility in New York state for its planned gigafactory.
The companies did not disclose the financial terms or specific delivery volumes associated with the agreement. With revenue of $48 million in the last twelve months and analysts projecting 43% revenue growth for the current fiscal year, this partnership could significantly impact Electrovaya’s financial performance. For detailed analysis and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro, part of the platform’s coverage of over 1,400 US equities.
In other recent news, Electrovaya Inc. announced a significant purchase order valued at approximately $6.3 million from a major Fortune 100 e-commerce company. This order is part of a series of purchases made by the customer this fiscal year, with total orders exceeding $16 million. The lithium-ion batteries supplied by Electrovaya will be used in electric vehicles for material handling across multiple distribution centers in the United States. Additionally, Electrovaya has acquired a 52-acre site in New York state for a planned gigafactory, furthering its expansion efforts. In another development, Electrovaya appointed MIT Professor Donald R. Sadoway to its Board of Directors. Sadoway is renowned for his work in battery technology and metals extraction and is expected to strengthen Electrovaya’s mission in supplying safe and durable lithium-ion batteries. Dr. Sankar Das Gupta, Executive Chairman, expressed enthusiasm for Sadoway’s appointment, emphasizing his influential role in the industry. These developments are part of Electrovaya’s ongoing efforts to contribute to sustainable energy solutions.
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