ORIGINAL: Electrovaya Receives US$11 Million Battery Order for Materials Handling Electric Vehicles from a Single End User

2022-07-07 08:01 ET - News Release

Single largest order for MHEV batteries in the Company's history

Received MHEV battery orders totaling more than US$40 million to date in the 2022 calendar year

TORONTO, ON / ACCESSWIRE / July 7, 2022 / Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, today announced the receipt of a battery purchase order through its OEM sales channel valued at approximately US$11 million. 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. The majority of deliveries under the order will be completed in the Company's fiscal fourth quarter ending September 30, 2022. It is the single largest purchase order for MHEV batteries in Electrovaya's history.

This same Fortune 100 company made two purchase orders earlier in the 2022 calendar year that were previously announced by the Company. Accordingly, the aggregate value of orders made by this customer now exceeds US$16 million this year. It has ordered more Electrovaya MHEV batteries than any other end user.

Since January 1, 2022, Electrovaya has received more than US$40 million in firm assigned MHEV battery orders, not including blanket purchase orders.

"We are delighted to announce our largest single MHEV battery order to date. 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."

"Our strong inventory levels position Electrovaya to make timely deliveries tied to these growing order volumes," added John Gibson, CFO of Electrovaya.