Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, has successfully closed a direct loan of US$50.8 million from the Export-Import Bank of the United States (EXIM). This loan is part of EXIM’s ‘Make More in America’ initiative, and Electrovaya has met nearly all the condition precedents required to begin drawdowns on the loan.
Funding U.S. Manufacturing Expansion
The loan will be used to fund the battery manufacturing buildout in Jamestown, New York. This includes equipment, engineering, and setup costs for the new facility. As Electrovaya experiences rapidly increasing demand for its products in heavy-duty and mission-critical electrified applications, expanding its U.S. manufacturing operations has become a priority for the company.
Focus on Industry-Leading Lithium-Ion Ceramic Cells
The Jamestown facility is slated to produce Electrovaya’s proprietary Infinity lithium-ion ceramic cells, which are known for their industry-leading longevity and safety. This facility will help Electrovaya meet the growing demand for its advanced battery solutions.
Job Creation and Global Exports
The new manufacturing facility is expected to create over 250 jobs and will play a key role in supporting Electrovaya’s exports to countries such as Japan, Canada, and Australia. Additionally, the facility will support the development of supply chains in the U.S. for lithium-ion battery production, contributing to the broader energy storage and electric vehicle industries.
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