Electrovaya Inc. – a lithium ion battery manufacturer with differentiated intellectual property that allows heightened safety and improved longevity enabling industry-leading performance – has announced that its credit facility has been increased from C$7 million to C$11 million to support its sales growth.
In addition, it has extended the term to maturity of its $6 million promissory notes with a Canadian financial institution from July 1, 2022 to December 21, 2022. As consideration for these amendments, Electrovaya has paid a renewal fee of C$400,000, paid in shares to the financial institution.
“We are very pleased with the essentially non-dilutive support our lender has provided to us,” said Richard P Halka, Executive Vice President and CFO of Electrovaya. “We believe the increased $11 million revolving credit facility will support our objective of about 130% revenue growth, for the 2022 fiscal year, barring unforeseen circumstances.”