- Electrovaya (TSX:ELVA), a lithium-ion battery technology stock, has begun battery system assembly operations at its facility in Jamestown, New York
- The company is focused on designing and supplying lithium-ion batteries for energy storage and heavy duty electric vehicles
- Electrovaya stock has given back 11.29 per cent year-over-year but remains up by 285 per cent since 2020
Electrovaya (TSX:ELVA), a lithium-ion battery technology stock, has begun battery system assembly operations at its facility in Jamestown, New York.
According to Wednesday’s news release, operations will ramp up as commercial lithium-ion cell and module production gets underway in mid 2026 in line with expected growth in demand for the company’s products.
Electrovaya has ordered $40 million in equipment for cell and module manufacturing, expected for delivery in late 2025, funded through its over $50 million loan from the Export Import Bank of the United States under the Make More In America program.
From an income statement perspective, Electrovaya has grown revenue since 2021 while significantly reducing net losses since 2023, suggesting continued progress towards profitability as production begin to scale.
Leadership insights
“We are excited to begin manufacturing operations for Electrovaya’s Infinity Battery Systems here in Jamestown,” Lee Gilmore, general manager of Electrovaya’s Jamestown operations, said in a statement. “Our team continues to grow and gain experience in lithium-ion battery system manufacturing and support the investments being made at this facility.”
“Through these initial operations in Jamestown, Electrovaya will be well-positioned to support continuing demand growth,” added Raj DasGupta, Electrovaya’s chief executive officer. “Furthermore, by building a strong team now, we will be able to hit the ground running when it comes time to commence our lithium-ion cell manufacturing operations next year and support our strategic plan to become a leading domestic lithium-ion battery manufacturer in the United States.”
About Electrovaya
Electrovaya is dedicated to designing and supplying lithium-ion batteries for energy storage and heavy duty electric vehicles.
Electrovaya stock (TSX:ELVA) opened with a gain of 1.58 per cent trading at C$3.85. The stock has given back 11.29 per cent year-over-year but remains up by 285 per cent since 2020.
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