Electrovaya Shares Surge on New Order
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, saw its shares rise today. This positive movement comes in the wake of a new order secured with a major construction equipment manufacturer.
The order, facilitated through Electrovaya’s partnership with Sumitomo Corporation Power & Mobility (“SCPM”), a subsidiary of Sumitomo Corporation, is for high-voltage battery systems. These systems will be delivered to the Japanese market 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,” said Dr. Raj DasGupta, CEO of Electrovaya.
Dr. DasGupta emphasized the company’s advantages, stating, “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 announcement, shares of ELVA are trading up 5.8% at $3.10 on the TSX. U.S. listed shares of ELVA are also showing an increase, up 5.85% at $2.17.
