https://sustainablebiz.ca/li-ion-battery-maker-electrovaya-poised-for-2023-growth

Electrovaya’s future applications

“We, again, scratch our head and say, ‘Hey, who else needs a long-cycling, high-safety battery?’” DasGupta said. “So we were looking at electric buses to a degree right now. We're also looking at . . . grid-scale energy storage systems, where they need to last 20 years.”

Electrovaya hopes to get its grid-scale energy storage systems into the market by 2025, and has started to talk to partners in that space.

There is also an expectation of continued supply chain issues in the new year, although nowhere near to the same level as it was in the beginning of 2022.

“The beginning of the year was very hard,” he said. “We wouldn't get screws, we wouldn't get plastic parts. Lead times and everything was up in the air.”

The short-term focus in 2023 remains on material handling. The company put out public guidance of $57.2 million in revenue in the 2023 fiscal year, though DasGupta thinks it "can probably" do better.

In the long-term, Electrovaya plans to position itself as one of the major lithium-ion battery groups globally. Any such upgrading to get to that level would include an expansion of its Canadian footprint as well.

“We're a minnow but I think we’ll become a lion eventually,” he said. “Because we're doing such a good job.”