Electrovaya Announces Two Repeat Purchase Orders for Lithium Ion Batteries
- Electrovaya received two repeat purchase orders from its existing Fortune 500 customers, totaling around C$1.1 million.
- Electrovaya’s back order is now over C$5 million in the Commercial Electric Forklift Battery and Energy Storage Systems.
- Addressable market for North America alone in Material Handling Electric Vehicles(MHEV-Forklifts) is about 1.5 million operation, plus around 150,000 new MHEV(Forklifts) sold every year.
- We believe the above addressable market could emerge to around $2 Billion annually.
Toronto, Ontario: Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL; OTCQX: EFLVF) is pleased to announce that it has received two new purchase orders totaling approximately C$1.1 million. Both orders are from existing customers.
The Company has received a ~C$0.45 million order for its Elivate line of battery systems for Materials Handling Electric Vehicles (“MHEVs”) for an existing operator. The order was made under the Company’s previously disclosed forklift sales agreement with a major OEM. In addition, Electrovaya received a ~C$0.65 million order for battery systems for Automated Guided Vehicles (“AGV”) from an existing Fortune 500 customer.
The new orders provide Electrovaya with a total of more than C$5 million of open orders for MHEV, AGV and energy storage battery systems.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX: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. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.
Source: electrovaya
