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Message: Janestown

I just copy and pasted most of it from the recent conference call.  The words of Jaj the CEO.

Furthermore, we are embarking on some innovative automated assembly methods, which should come on line in fiscal year Q3 to support assembly of high-voltage battery systems in addition to new customized battery systems.

With these enhancements, we expect the Mississauga facility itself to be in a position to support in excess of $70 million in revenue annually with minimal additional capital spend. However, we see the need to support further growth, and this brings me to our Jamestown, New York expansion plans. As we announced in October, Electrovaya plans to establish our first Gigafactory in Jamestown, New York. This facility will be central to our strategy in increasing capacity and enabling Electrovaya to enter new markets.

Our highest priority is to establish our cell assembly at the facility, thereby augmenting our current contract manufactured products. This vertical integration should have a positive impact on our gross margins. Furthermore, cell and module output will be eligible to access Inflation Reduction Act incentives, further increasing the financial benefits of reshoring these activities. Finally, from just an assembly perspective, this facility can mirror our Mississauga facility operations, thus increasing the final system capacity by a significant factor. I would expect us to have final assembly up and running in Jamestown first, and we are targeting start of operations during the first half of calendar year 2023.

 

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