- Electrovaya (TSX:ELVA), a lithium battery technology stock, is announcing a US$4.1 million battery purchase order destined for a Fortune 500 retailer in the United States
- Electrovaya supplies safe and long-lasting lithium-ion batteries from two sites in Canada and an upcoming 135,000-square-foot gigafactory in New York
- Electrovaya stock is down by 0.25 per cent year-over-year but has added 343.33 per cent since 2019
Electrovaya (TSX:ELVA), a lithium battery technology stock, is announcing a US$4.1 million battery purchase order destined for a Fortune 500 retailer in the United States.
The client will deploy the batteries in material handling electric vehicles in two warehouse sites, with four additional sites planned for conversion from combustion engines.
Electrovaya grew revenue by almost 10 times from US$4.89 million in 2019 to US$44.06 million in 2023, while growing gross profits by over 6 times from US$1.94 million to US$11.86 million, respectively. The company is on track to set new records for both metrics in 2024.
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“We are very pleased to announce this repeat order with a leading retailer and more importantly, to elevate this relationship towards achieving their energy efficiency initiatives,” Jeremy Dang, Electrovaya’s vice president of business development, said in a statement. “This customer has been one of the largest users of our batteries since 2022 with over 1000 batteries in operation and with further intentions to re-power additional distribution centers’ fleets in 2025. This order is a testament of Electrovaya’s commitment to providing industry leading battery solutions to our customers.”
About Electrovaya
Electrovaya supplies safe and long-lasting lithium-ion batteries from two sites in Canada and an upcoming 135,000-square-foot gigafactory in New York. The company offers exposure to extensive intellectual property (IP), designs, proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles.
Electrovaya stock (TSX:ELVA) is up by 7.55 per cent trading at C$3.99 per share as of 11:23 am ET. The stock is down by 0.25 per cent year-over-year but has added 343.33 per cent since 2019.
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(Top photo of Elmira Memarzadeh, Electrovaya’s director of engineering programs: Electrovaya)
