Electrovaya Inc., Toronto, Canada, (TSX:EFL; OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, has provided a business update.
The Company continues to experience strong demand from new and existing customers for its material handling battery products. Some recent business highlights are provided below:
• Electrovaya received its first purchase orders from one of the world’s largest e-commerce companies, which will deploy the Company’s batteries in forklifts at two distribution centres in the United States. The orders were valued at more than US$2 million and received through Electrovaya’s OEM partner;
• The Company received repeat orders valued at approximately US$1.5 million through its OEM partner from two of the world’s largest food manufacturing firms, headquartered in the United States and Europe, respectively; and
• The Company received a purchase order worth approximately C$1 million from one of North America’s largest food processing firms, headquartered in Canada. This order came through Electrovaya’s direct sales channel.
Most of the above purchase orders were received late in the fiscal third quarter ended June 30, 2021 for delivery in the fiscal fourth quarter or later. The Company’s preliminary indication is that revenue for the fiscal third quarter was approximately C$2.3 million (unaudited).
Electrovaya has a relatively long sales cycle due to the large size and scale of its customers. However, the Company’s newly reorganized OEM channel is starting to bring in large customers, including the global e-commerce firm. The newly reorganized OEM channel took effect after the signing of a Strategic Supply Agreement in December 2020.
About Electrovaya
Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) designs, develops and manufactures proprietary Lithium Ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.