Electrovaya Receives Initial Purchase Orders from Global Japanese Construction Equipment Manufacturer

Entry into a new market sector of construction vehicles and new geographical market of Japan

TORONTO, ON / ACCESSWIRE / September 10, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA.TO), a lithium ion battery technology and manufacturing company, today announced the receipt of its first purchase orders for pre-production battery modules to be provided to a global Japanese headquartered manufacturer of construction equipment. This will be part of an electric excavator program with an estimated scaled production start in 2026. The initial shipments are expected to be delivered in Q2 FY2025 to a manufacturing site in Japan.

Foto: Accesswire

The order was received under the Company's recently established supply agreement with a leading Japanese trading company.

"We are excited to start making deliveries for this new sector of electrified construction equipment and in a new market, Japan" said Dr. Raj DasGupta, CEO of Electrovaya. "Electrified heavy duty equipment, such as used in construction, requires batteries that are capable of delivering high power and safety over the lifecycle of the equipment. Electrovaya's Infinity Technology, with its leading cycle life and safety makes for an ideal match."

For more information, please contact:
Investor and Media Contact:
Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
[e-mail]
905-855-4618

Brett Maas
Hayden IR
[e-mail]
646-536-7331

About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating 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 gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.