- Electrovaya Inc. (EFL) announced that its credit facility has been increased from $14 million to $16 million to support its sales growth
- Electrovaya is a technology company that designs, develops, and manufactures lithium-ion batteries, battery systems, and battery-related products
- It has received more than US$40 million in firm assigned materials handling electric vehicles battery orders this year
- Electrovaya Inc. (EFL) is up 3.70 per cent and is trading at $0.84 per share as of 3:48 p.m. ET
Electrovaya (EFL) announced that its credit facility has been increased from $14 million to $16 million to support its sales growth.
Electrovaya paid a fee of $50,000 in shares to the financial institution for the credit facility increase.
“We are very pleased with the essentially non-dilutive support our lender has provided to us… the increased support from the revolving credit facility will assist us with our continued growth and in meeting the existing purchase order backlog,” John Gibson, CFO of Electrovaya, said.
Electrovaya is a technology company that designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications.
The credit facility will be able to support Electrovaya’s recent deals such as a battery purchase order through made through its OEM sales channel which is worth about US$11 million. It is the single largest purchase order for MHEV batteries in Electrovaya’s history.
The batteries will be used by a leading Fortune 100 company to power materials handling electric vehicles (MHEVs) in four existing distribution centers in the United States.
Electrovaya stated it has received more than US$40 million in firm-assigned MHEV battery orders since the beginning of this year, excluding blanket purchase orders.
Electrovaya Inc. (EFL) is up 3.70 per cent and is trading at $0.84 per share as of 3:48 p.m. ET.
