Electrovaya Inc. Receives Orders from Construction OEM, Boosting Shares
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) experienced a surge in its stock price today, driven by news of new orders. The lithium-ion battery technology and manufacturing company announced orders from a second global construction OEM, secured through its partnership with Sumitomo Corporation Power & Mobility (SCPM), a subsidiary of Sumitomo Corporation.
The orders are for high-voltage battery systems intended for a leading Japanese construction equipment manufacturer. These orders fall under Electrovaya’s existing Supply Agreement with SCPM and are slated for delivery in Japan in 2025.
“We are excited to have a second major construction equipment OEM win in addition to both overall increased traction in the Japanese market and expansion of new verticals for our products,” stated Dr. Raj DasGupta, CEO of Electrovaya.
“We believe that our competitive advantages with respect to safety and cycle life continue to provide a key benefit for heavy duty electrified applications.”
As a result of this news, ELVA shares on the TSX increased by 5.8%, reaching $3.10, while U.S.-listed shares of ELVA rose by 5.85%, trading at $2.17.
