Electrovaya - Elmira Memarzadeh, Director of Engineering Programs.
Elmira Memarzadeh, Director of Engineering Programs.
Source: Electrovaya.
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  • Electrovaya (EFL) has received an US$11M battery purchase order from a Fortune 100 company
  • This represents the single largest purchase order for materials handling electric vehicle (MHEV) batteries in Electrovaya’s history
  • The client, who’s orders total over US$16M for the year, raises MHEV orders to over US$40M in 2022
  • Electrovaya is focused on supplying lithium-ion batteries to address climate change and accelerate global electrification
  • Electrovaya (EFL) is up by 16.67 per cent trading at $0.84 per share

Electrovaya (EFL) has received an US$11M battery purchase order from a Fortune 100 company.

The batteries will power the company’s MHEVs in four U.S. distribution centers.

This represents the single largest purchase order for MHEV batteries in Electrovaya’s history.

It will complete the majority of deliveries in fiscal Q4 ending September 30, 2022.

The client made two previously announced purchase orders earlier in 2022, bringing its total order value for the year to over US$16M.

Since January 1, 2022, Electrovaya has received over US$40M in firm assigned MHEV battery orders.

“Our run rate for new orders is increasingly strong,” said Dr. Raj DasGupta, CEO of Electrovaya. “Electrovaya’s MHEV batteries, based on our proprietary Infinity battery technology, offer superior safety and cycle life and thus provide sophisticated commercial customers with the lowest overall cost of ownership.”

Electrovaya is focused on supplying lithium-ion batteries to address climate change and accelerate global electrification.

Electrovaya (EFL) is up by 16.67 per cent trading at $0.84 per share as of 9:37 am EST.

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