Electrovaya Announces Commercial Relationship with Amazon

Electrovaya Inc. (“Electrovaya” or the “Company”) (Nasdaq: ELVA, TSX: ELVA), a leading lithium-ion battery technology and manufacturing company, today announced a commercial agreement and a warrant transaction with Amazon (Nasdaq: AMZN). This relationship is expected to support the continued deployment of Infinity Battery Technology in material handling operations and potential expanded engagement on robotics and energy storage. Electrovaya’s energy storage systems are based on the Infinity Technology which has a perfect field safety record, enables reduced environmental footprint and lower total cost of ownership compared to conventional lithium-ion technologies. Systems currently under development combine the Company’s proprietary Infinity lithium-ion technology with high-power architectures for data center, industrial and logistics applications with enhanced safety, cycle life, and rapid charging capability. "Electrovaya's Infinity Battery Technology has demonstrated real performance in demanding material handling environments, and this agreement with Amazon reflects our confidence in the opportunity ahead. We look forward to building on that foundation in other industrial applications where safety and longevity are critical." — Raj DasGupta, Chief Executive Officer, Electrovaya As part of the agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya, which become fully vested upon Amazon achieving cumulative future purchases of US$280 million, w...