ORIGINAL: Electrovaya Receives US$14 Million Battery Order from Existing Fortune 500 Customer

2023-03-06 17:00 ET - News Release

First follow-on order from major customer with additional orders anticipated

TORONTO, ON / ACCESSWIRE / March 6, 2023 / 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$14 million. The batteries will be used by a leading Fortune 500 company in the United States.

"We are delighted to announce a significant order with this existing customer, building on an initial order they made in 2022," said Dr. Jeremy Dang, Vice President of Business Development at Electrovaya. "We believe the customer selected Electrovaya's technology due to its superior performance with respect to safety and cycle life, combined with positive results from our initial battery deployments."

"We believe that this order represents a positive trend in which large corporations initially trial smaller deployments of our batteries, and then follow on with more substantial orders after a successful demonstration of the technology benefits," added Dr. Raj DasGupta, CEO of Electrovaya. "Electrovaya continues to make progress in expanding business with our existing customer base, while seeding large new corporate customers."

Deliveries on this order will be made over the next 12 months. The Company anticipates additional orders from this customer for later delivery and alternative equipment.