EFL - ELECTROVAYA INC

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Electrovaya loses $21.2-million (U.S.) in fiscal 2017



2017-12-29 17:43 ET - News Release



Mr. Peter Koven reports

ELECTROVAYA REPORTS FINANCIAL RESULTS FOR FISCAL 2017

Electrovaya Inc. has released its financial results for the fiscal year ended Sept. 30, 2017. All numbers are in U.S. dollars unless otherwise noted.

The past fiscal year was a pivotal one for Electrovaya, as the company launched its lithium-ion battery product line for the global forklift market. Following a long prelaunch phase, Electrovaya has now received initial and follow-up purchase orders from leading Fortune 500 companies. These firms conducted extensive testing of the battery before placing orders. During the year, Electrovaya also continued to advance its work with original equipment manufacturer partners, which are developing complex new products utilizing the company's lithium-ion batteries. These products have long development cycles.

Fiscal year 2017 financial highlights:

Fiscal year 2017 revenue was $8.8-million ($11.3-million (Canadian)), compared with $19.5-million ($25.1-million (Canadian)) for the fiscal year ended Sept. 30, 2016.
The net loss for fiscal 2017 was $21.2-million ($27.2-million (Canadian)), compared with $8.8-million ($11.3-million (Canadian)) for fiscal 2016. The increase was primarily attributable to: Lower revenue, which was partially offset by an $800,000 ($1-million (Canadian)) reduction in direct manufacturing costs;
A $2.2-million ($2.8-million (Canadian)) increase in finance costs, primarily due to costs associated with the $15-million (Canadian) convertible debenture issued in March, 2017;

Inventory as at Sept. 30, 2017, was $14.2-million ($18.2-million (Canadian)), compared with $18.2-million ($23.4-million (Canadian)) as at Sept. 30, 2016, as stocks were drawn down during fiscal 2017 for order fulfilment.


Recent business highlights:

Electrovaya received both initial and follow-up purchase orders from Fortune 500 customers for its lithium-ion forklift battery systems. Most significantly, the company announced a $4.3-million (Canadian) order from Walmart Canada on Sept. 18, 2017. Other potential customers in the material handling vehicles (MHV) sector continue to test the company's forklift products.
The company continued its product and component sales to integrators and OEMs, which develop products for the electromobility and energy storage market.
Electrovaya is developing multiple sales channels, with sales through equipment integrators and OEMs, as well as direct sales of systems to the final user.
The company completed financings that strengthened its working capital. On Sept. 26, 2017, the company announced a private placement financing that closed in two tranches and raised $5.3-million (Canadian) in gross proceeds. In addition, subsequent to fiscal year-end, on Dec. 20, 2017, the company announced that it entered into a commitment with MMCAP International Inc. for an $8-million (Canadian) drawdown equity facility and a $2-million (Canadian) private placement. On Dec. 27, 2017, the company announced that the private placement was completed.


The company's complete annual audited financial statements, management discussion and analysis, and annual information form for the year ended Sept. 30, 2017, are available on SEDAR or on the company's website.

Conference call details:

The company will hold a conference call on Tuesday, Jan. 2, 2018, at 8 a.m. ET to discuss the fiscal 2017 financial results and to provide a business update.


Conference ID: 13674903

U.S. and Canada toll-free: 877-407-8291

International: 1-201-689-8345


To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on Jan. 2, 2018, through Jan. 15, 2018. To access the replay, the U.S. dial-in number is 877-660-6853, and the non-U.S. dial-in number is 1-201-612-7415. The replay conference ID is 13674903.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion superpolymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces electrodes and Separion ceramic separators. Electrovaya is a technology focused company with extensive intellectual property.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2551722&symbol=EFL&region=C

 

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Electrovaya's Litarion begins involvency process



2018-01-25 17:05 ET - News Release



An anonymous director reports

ELECTROVAYA ANNOUNCES STRUCTURED INSOLVENCY PROCEEDINGS AT LITARION GMBH

Electrovaya Inc.'s wholly owned German subsidiary, Litarion GmbH, has commenced a voluntary structured insolvency process that is expected to result in the appointment of a provisional receiver/liquidator of Litarion and its property by the German court.

As reported in the Company's Management's Discussion & Analysis for the year ended September 30, 2017, Li-Tec Battery GmbH, the owner of the premises occupied by Litarion, notified the Company that it would terminate Litarion's lease as at January 31, 2018 unless certain conditions were met. While the Company intended to maintain the lease, Litarion's cash flow was materially negatively impacted by the demands and garnishment processes initiated against it by the landlord.

With support from Electrovaya, Litarion attempted to resolve the dispute with its landlord but negotiations ultimately proved unsuccessful, and it was determined that the only viable alternative was to have the managing directors of Litarion voluntarily place it into preliminary insolvency proceedings. The Company expects to record a non-cash charge in the second quarter of fiscal 2018. It is expected the German court will shortly assign a preliminary insolvency manager to manage the transition of Litarion's operations and work to maximize value for Litarion's creditors and shareholders.

While current circumstances on the ground in Germany dictated Litarion enter into this process, Electrovaya believes that it ultimately no longer needs its own contract manufacturing facilities and, given alternate supply arrangements is in place, the Company expects that the proceedings will not impact the Company's ability to continue to fulfil current and future customer orders for its customized cells, custom modules and battery systems.

As previously disclosed, large battery orders from Litarion's OEM partners and other customers have taken longer than expected to materialize. As a result, the cost of maintaining Litarion's substantial infrastructure negatively affected Electrovaya's financial results and liquidity position. The Litarion insolvency process is expected to substantially reduce the Company's overhead expenses.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL)(OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymertrademark 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,

https://www.stockwatch.com/News/Item.aspx?bid=Z-C:EFL-2561672&symbol=EFL&region=C

 

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Electrovaya loses $15.2-million (U.S.) in Q1



2018-02-14 19:04 ET - News Release



Mr. Peter Koven reports

ELECTROVAYA REPORTS FINANCIAL RESULTS FOR Q1 2018

Electrovaya Inc. has released its financial results for the fiscal first quarter ended Dec. 31, 2017 (Q1 2018). All numbers are in U.S. dollars unless otherwise noted.

The financial statements for Q1 2018 include the financial position and results of Litarion GmbH as discontinued operations. On Jan. 25, 2018, Electrovaya announced that Litarion, formerly its German subsidiary, commenced voluntary preliminary structured insolvency proceedings.

As mentioned in previous disclosure, the demand for Litarion's products in Germany and elsewhere took longer than expected to emerge. As a result, Litarion was incurring large losses despite its high-quality products and service. By accounting for Litarion as a discontinued operation, the company's overhead expenses and cash usage are significantly reduced. For perspective, Litarion's cash used was $17.5-million in fiscal 2017 and $1.8-million in Q1 2018. Moreover, the elimination of Litarion's cash usage also means that the company's annualized break-even revenue level has decreased significantly.

Over the last 2.5 years, Litarion played an important role in Electrovaya's development and validation of its industry-leading lithium-ion battery systems. Now, however, Electrovaya believes that it no longer needs its own contract manufacturing facilities for electrode and separator products, as the vast majority of its customers are looking for fully integrated battery systems, especially its materials handling battery products.

Electrovaya is confident that it can continue to gain new and fulfill existing customer orders with no material disruption as a result of the Litarion's discontinued operations. Electrovaya has developed alternative component suppliers and will continue producing products with similar high-quality, long-cycle life and safety. Furthermore, the changes will additionally allow lower costs and shortened lead times, which will benefit the company's customers.

Electrovaya is establishing itself as a leading global producer in the emerging market of lithium-ion battery systems for materials handling vehicles. The company now has an asset-light model capable of meeting rising customer demand while capitalizing on a proven supply chain network.

Q1 2018 financial highlights:

Revenue from continuing operations was $750,000 ($1-million (Canadian)), compared with $730,000 ($980,000 (Canadian)) for the fiscal first quarter ended Dec. 31, 2016 (Q1 2017).
The loss from continuing operations was $2.7-million ($3.5-million (Canadian)), compared with $900,000 ($1.2-million (Canadian)) for Q1 2017.
Net loss in total was $15.2-million ($19.4-million (Canadian)), compared with $2.4-million ($3.2-million (Canadian)) for Q1 2017. This included the net loss from discontinued operations of $12.5-million ($16-million (Canadian)) for Q1 2018 and $1.6-million ($2.1-million (Canadian)) for Q1 2017.
Inventory for continuing operations as at Dec. 31, 2017, was $3.5-million ($4.4-million (Canadian)), compared with $4.1-million ($5.5-million (Canadian)) as at Sept. 30, 2017.


Q1 2018 business highlights

Electrovaya started both initial and follow-up deliveries on purchase orders from multiple U.S. Fortune 500 customers for its lithium-ion forklift battery systems. Other potential customers in the materials handling vehicles sector continue to test and validate the company's products. About 85 per cent of the company's revenue in Q1 2018 came from the materials handling electric vehicle (MHEV) sector.

The company initiated deliveries on the $4.3-million (Canadian) purchase order from Walmart Canada, which was announced on Sept. 18, 2017. Electrovaya recorded a small amount of revenue from this order in Q1 2018. The balance (approximately 90 per cent) will be delivered during Q2 2018. The company believes that this will be the largest single lithium-ion-powered MHEV installation in North America and will be a major milestone for the industry and the company.

The company continued to work with two OEM (original equipment manufacturer) partners in the United States, which are developing electric vehicles in the MHEV and autonomous guided vehicle (AGV) sectors respectively

Electrovaya completed financings that strengthened its working capital. On Oct. 4, 2017, the company completed the second tranche of a private placement that raised an aggregate total of $5.3-million (Canadian) in gross proceeds. On Dec. 20, 2017, the company announced that it entered into a commitment for an $8-million (Canadian) drawdown equity facility and a $2-million (Canadian) private placement. On Dec. 27, 2017, the company completed the private placement. Negotiations with respect to the definitive agreements for the drawdown facility are continuing.

Subsequent to Q1 2018, on Feb. 9, 2018, Electrovaya listed its head office building in Mississauga, Ont., for sale at $24.9-million. The company expects to either lease back space in the building or move to other leased premises. Electrovaya requires less space as it expands its purchases from qualified supply chain providers. The company's complete Q1 2018 financial statements and management discussion and analysis are available on SEDAR or on the company's website the company's website.

Conference call details

The company will hold a conference call on Thursday, Feb. 15, 2018, at 8 a.m. Eastern Time to discuss the Q1 2018 financial results and to provide a business update.


Conference ID No.: 13676683

U.S. and Canada toll-free: 877-407-8291

International: 1-201-689-8345


To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on Feb. 15, 2018, through Feb. 28, 2018. To access the replay, the U.S. dial-in number is 877-660-6853 and the non-U.S. dial-in number is 1-201-612-7415. The replay conference ID is 13676683.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive intellectual property, supplying leading global customers.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2569295&symbol=EFL&region=C

 

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Electrovaya has battery orders from three customers



2018-02-21 17:14 ET - News Release



Mr. Peter Koven reports

ELECTROVAYA ANNOUNCES PURCHASE ORDERS FROM THREE ADDITIONAL CUSTOMERS INCLUDING TWO US FORTUNE 500 COMPANIES

Electrovaya Inc. has received three purchase orders from three additional customers for its batteries. Two of the customers are global industry participants, one in the top 50 and the other in the top 150 of the US Fortune 500 list. With these orders, Electrovaya now has six US Fortune 500 companies as customers for its battery products targeting the materials handling electric vehicles industry.

Two of the initial purchase orders are for complete drop-in batteries in Class 1 and Class 2 forklift electric trucks.

The Company sees a substantial opportunity in, and is focused on, the materials handling electric vehicles sector. New forklift truck sales in North America were reported at 225,000 in 2015, of which approximately 63% were battery-powered electric trucks. Globally, over one million new forklift trucks were sold in 2015. Electrovaya is involved in both lithium ion batteries for new electric trucks and the replacement market for lead acid batteries in existing fleets. The Company believes it is the leading provider of lithium ion batteries for the emerging forklift market in North America.

One of the users is a producer of automated guided vehicles ("AGV"). The user had tested the Electrovaya battery modules for several months, had earlier placed small initial orders and now, following extensive validation testing, is following up with a larger purchase order. This is Electrovaya's first customer in the AGV market. The combined purchase price for the above three purchase orders is approximately US$280,000.

Electrovaya is showcasing its lithium ion ceramic batteries in the materials handling industry's trade show at MODEX 2018, #Booth 1559, 9-12 April, Georgia World Congress Center, Atlanta, Ga.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymertrademark batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers.


https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2571744&symbol=EFL&region=C

 

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Electrovaya loses $2.7-million (U.S.) in Q2 2018



2018-04-24 20:02 ET - News Release



An anonymous director reports

ELECTROVAYA REPORTS FINANCIAL RESULTS FOR Q2 2018

Electrovaya Inc. has released its financial results for the fiscal second quarter ended March 31, 2018. All numbers are in U.S. dollars unless otherwise noted.

The Company is pleased to report a tenfold increase in revenue from continuing operations in Q2 2018 compared to the fiscal second quarter ended March 31, 2017 ("Q2 2017"). Revenue from continuing operations was US$3.3 million (Cdn $4.2 million), compared to US$0.3 million (Cdn $0.4 million) in Q2 2017. The increase was primarily attributable to revenue collected on the Cdn $4.3 million purchase order from Walmart Canada announced on September 18, 2017, and also included other purchase orders for materials handling electric vehicle (MHEV) batteries.

Electrovaya is encouraged by continued interest in its lithium ion forklift battery systems from new and existing customers. In addition to the six Fortune 500 companies which have issued initial and/or follow-up purchase orders, validation testing is ongoing by major global companies, and the Company is confident that sales momentum for these products will increase during fiscal 2018. Multiple manufacturers of MHEVs have approved the use of Electrovaya's lithium ion batteries in certain of their vehicles for the North American market.

Q2 2018 Financial Highlights

All Q2 2018 financial highlights are from continuing operations

Revenue was $3.3 million (Cdn $4.2 million), up significantly from $0.3 million (Cdn $0.4 million) for Q2 2017.
Gross profit was $0.9 million (Cdn $1.1 million) with a gross margin of 28% compared to $0.0 million (Cdn $0.1 million) with gross margin of 14% for Q2 2017.
For the six months ended March 31, 2018, revenue was $4.0 million (Cdn $5.1 million) and gross profit was $1.2 million (Cdn $1.5 million), while revenue and gross profit were $1.1 million (Cdn $1.4 million) and $0.7 million (Cdn $0.9 million), respectively, for the six months ended March 31, 2017.
Net loss was $2.7 million (Cdn $3.4 million) compared to $0.5 million (Cdn $0.6 million) for Q2 2017. The increased loss was primarily due to a $2.4 million increase in general and administrative expenses from Q2 2017 to Q2 2018, resulting from approximately $0.4 million in legal and professional fees primarily relating to the structured insolvency proceedings for the Company's German subsidiary in Q2 2018, and a reimbursement of expenses without the corresponding inclusion of the discontinued operations expenses in Q2 2017.
Cash and equivalents were $2.0 million as at March 31, 2018.
On January 25, 2018, the Company's wholly owned German subsidiary commenced a voluntary structured insolvency process. An administrator has been appointed who has engaged a merger and acquisition specialist to conduct an orderly sale process. The Company has determined that it is no longer necessary to own unprofitable subsidiaries carrying out component production of electrodes and separators when alternate customized supply chain arrangements are available.


Q2 2018 Business Highlights

Electrovaya continued commissioning of MHEVs on the Cdn $4.3 million purchase order from Walmart Canada. Walmart is converting all the forklifts at one of its Ontario distribution centers from lead acid batteries to Electrovaya's lithium ion batteries. The Company believes this is the single largest installation of materials handling vehicles powered by lithium ion batteries in North America.

During the quarter, Electrovaya announced purchase orders for its lithium ion battery systems from three major global companies, including two U.S. Fortune 500 companies. In addition, multiple manufacturers of MHEVs have approved the use of Electrovaya's lithium ion batteries in certain of their vehicles for the North American market.

On March 29, 2018, two new directors, Dr. James K. Jacobs and Mr. Suresh Madan were elected to the Company's Board of Directors at its Annual and Special Meeting. Dr. Jacobs co-founded Electrovaya in 1996. He welcomed the opportunity to re-join Electrovaya's Board as he is excited about recent advancements in the Company's battery technology and the potential for significant sales growth. Mr. Madan is currently President and CEO of MyHealth Centre, which operates a chain of more than 30 diagnostic health facilities across Ontario. Mr. Madan brings deep financial knowledge and business skills to the Company.

Subsequent to Q2 2018, Electrovaya attended the MODEX conference in Atlanta, Georgia from April 9-12. MODEX is the leading manufacturing and supply chain expo in the United States. In addition, Electrovaya's batteries are on display at the CeMAT logistics and supply chain conference in Hannover, Germany, which runs from April 23-27. The batteries are integrated in multiple trucks of a leading materials handling vehicle manufacturer.

It is estimated by the Worldwide Industrial Truck Statistics1 that approximately 281,000 materials handling vehicles were sold in North America, and about 1.1 million globally, during 2016. In the United States, about 65.5% (~185,000) were electric vehicles, mostly powered by lead acid batteries. By comparison, approximately 200,000 electric cars (battery and plug-in electric vehicles)2 were sold in the United States in 2017, mostly powered by lithium ion batteries. Typically, a lithium ion battery powering an intensive-use MHEV could work ten times longer than batteries for electric cars and must have the ability to be charged rapidly and cycled multiple times per day. Thus, MHEV battery requirements are substantially more demanding than those required for electric cars, and the MHEV batteries are expected to deliver superior value to the logistics and materials handling user.

1 WITS as reported in Modern Material Handling (MMH) magazine, Dec 6, 2017

2 Ars Technica website

The Company's complete Q2 2018 Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com.

Conference Call Details:

The Company will hold a conference call on Wednesday, April 25, 2018 at 8:00 a.m. Eastern Time (ET) to discuss the Q2 2018 financial results and to provide a business update.

Conference ID: 13679391

US and Canada toll free: (807) 407-8291

International: +1 (201) 689-8345

To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on April 25, 2018 through May 9, 2018. To access the replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S. dial-in number is +1 (201) 612-7415. The replay conference ID is 13679391.

About Electrovaya Inc.

Electrovaya Inc. designs, develops and manufactures proprietary Lithium Ion Super Polymertrademark batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2597757&symbol=EFL&region=C

 

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Electrovaya receives $511,000 (U.S.) in ELivate orders



2018-05-04 09:10 ET - News Release



An anonymous director reports

ELECTROVAYA ANNOUNCES PURCHASE ORDERS FROM TWO CUSTOMERS THROUGH A LEADING LIFT TRUCK OEM DEALER

Electrovaya Inc. has provided purchase orders from two customers totalling $511,000 (U.S.) (about $656,000 (Canadian)) for its ELivate line of forklift battery systems.

One of the orders is from a Fortune 500 company and existing customer of Electrovaya. The other order is from a new customer. Both orders were finalized through a lift truck OEM (original equipment manufacturer) dealer.

Electrovaya is focused on supplying lithium ion battery systems for materials handling electric vehicles (MHEVs), which the company believes to be a large and growing market opportunity. The company supplies batteries for newly manufactured electric trucks, as well as replacement batteries for existing fleets powered by lead acid batteries. Electrovaya believes it is the leading provider of lithium ion batteries for the emerging forklift market in North America, reflecting the superior performance of its batteries.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary Lithium Ion Super Polymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2604064&symbol=EFL&region=C

 

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Electrovaya arranges $700,000 private placement



2018-05-16 17:13 ET - News Release



Mr. Richard Halka reports

ELECTROVAYA ANNOUNCES PRIVATE PLACEMENT FOR PROCEEDS OF UP TO $700,000

Electrovaya Inc. intends to complete a non-brokered private placement offering of up to 4,666,667 units at a price of 15 cents per unit for aggregate gross proceeds of up to $700,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole unit warrant will entitle the holder thereof to acquire one common share at a price of 20 cents for a period of 36 months from the date of issuance. The private placement is expected to close on or about May 24, 2018. The proceeds of the private placement will be used for general working capital purposes. The private placement is subject to the approval of the Toronto Stock Exchange.

It is expected that certain directors and officers of the company will purchase units in connection with the private placement. As such, the private placement constitutes a related party transaction for Electrovaya within the meaning of that term pursuant to Multilateral Instrument 61-101 of the Canadian Securities Administrators, Protection of Minority Security Holders in Special Transactions. MI 61-101 provides that related party transactions are, in the absence of an exemption therefrom, subject to the requirement to obtain a formal valuation for the subject matter of the related party transaction and minority shareholder approval of the related party transaction (which approval shall exclude any votes attached to common shares held by the participating related party). The company is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101 in respect of the private placement provided for in sections 5.5(a) and 5.7(1)(a) of MI 61-101, Fair Market Value Not More than 25 per cent of Market Capitalization.

Also pursuant to MI 61-101, the private placement is subject to enhanced disclosure, to be included in a material change report filed in connection therewith. The material change report will be filed less than 21 days prior to the expected closing of the private placement. Management of the company believes this is reasonable and necessary in the circumstances, as it is important for the company to receive the proceeds from the private placement in a timely manner.



https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2610611&symbol=EFL&region=C

 

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Electrovaya receives $1.8M (U.S.) in ELivate orders



2018-06-12 09:54 ET - News Release



An anonymous director reports

ELECTROVAYA ANNOUNCES INITIAL AND FOLLOW-UP PURCHASE ORDERS FROM MULTIPLE CUSTOMERS

Electrovaya Inc. has received initial purchase orders from two new customers and follow-up purchase orders from several repeat customers totalling approximately $1.8-million (U.S.) for its ELivate line of forklift battery systems and energy storage modules.

The majority of the purchase orders were received in the last four weeks and Electrovaya is pleased with this strong and growing order flow from both new and existing customers. One of the new customers represents Electrovaya's opening presence in Mexico. The other customers are in Canada and the United States and include industrial electric vehicle dealers, manufacturers and end users.

Electrovaya is focused on producing lithium ion battery systems for the Materials Handling Electric Vehicle (MHEV) sector, an expanding market opportunity. Electrovaya produces batteries for newly-manufactured electric trucks and replacement batteries for existing fleets currently powered by lead acid batteries. Electrovaya is a leading provider of lithium ion batteries for the forklift market in North America, reflecting the superior performance of its batteries.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymertrademark batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2622141&symbol=EFL&region=C

 

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Electrovaya completes battery commissioning to Walmart

2018-07-25 09:05 ET - News Release

An anonymous director reports

ELECTROVAYA ANNOUNCES COMPLETION OF WALMART CANADA PROJECT

Electrovaya Inc. has completed the delivery and commissioning of Electrovaya batteries to a Walmart Canada distribution centre fulfilling the previously announced purchase order. This marks a major milestone for Electrovaya and the materials handling industry, as this site represents one of the largest lithium ion installations at a distribution centre in North America. Currently all material handling electric vehicles (MHEV) at this distribution centre are powered by Electrovaya's lithium ion batteries.

Electrovaya is focused on producing lithium ion battery systems for the materials handling electric vehicle (MHEV) sector, an expanding market opportunity. Electrovaya produces batteries for newly manufactured electric trucks and replacement batteries for existing fleets currently powered by lead acid batteries. Electrovaya is a leading provider of lithium ion batteries for the lift truck market in North America and customers include industrial electric vehicle dealers, manufacturers and end-users.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium ion superpolymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology-focused company with extensive IP (intellectual property), supplying leading global customers.

We seek Safe Harbor.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C:EFL-2637331&symbol=EFL&region=C

 

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Electrovaya enters $22.5M sale-leaseback deal for HQ



2018-07-27 09:08 ET - News Release



ELECTROVAYA ANNOUNCES THE SALE-LEASEBACK OF ITS HEADQUARTERS IN MISSISSAUGA FOR APPROXIMATELY CDN$22.5 MILLION

Electrovaya Inc. has entered into a binding agreement for the sale-leaseback of its headquarters at 2645 Royal Windsor Dr. in Mississauga, Ont., for approximately $22.5-million. Net proceeds to the company are expected to be $21-million before transaction expenses, subject to customary closing adjustments, and will be used to pay down debt and for working capital purposes.

Under the terms of the agreement, the transaction is expected to close at 5 p.m. ET on Sept. 18, 2018. The sale is on an "as is, where is" basis and also provides that as of the completion date, Electrovaya will leaseback from the buyer certain premises located on the property. The agreement also provides that the terms of the formal lease will be settled by Aug. 31, 2018, and will provide for the following:

1. The leased premises shall consist of approximately 50,000 square feet of warehouse space and 4,000 square feet of office space.
2. Electrovaya shall be responsible for its proportionate share of all operating costs, utilities and realty taxes, and such costs shall be payable by Electrovaya as additional rent.
3. The term will be for three years from the completion date.
4. Both Electrovaya and the buyer shall have the option of early termination by providing at least six months of written notice to the other party.


The transaction is expected to have the effect of unlocking liquidity from the company's non-core real estate to reinvest in its growing lithium ion battery business. Electrovaya has excess space at its headquarters that is no longer necessary as it transitions to greater use of contract manufacturing. The company expects this will have the further effect of reducing overhead costs and increasing scalability as the company focuses on high-margin subassemblies and battery systems. As of the completion date, Electrovaya will be leasing approximately 54,000 square feet of space, compared with the 156,000 square feet it presently occupies.

Electrovaya is focused on producing lithium ion battery systems for the materials handling electric vehicle sector, an expanding market opportunity. The company produces batteries for newly manufactured electric trucks and replacement batteries for existing fleets currently powered by lead acid batteries. Electrovaya has received initial and follow-up purchase orders from multiple Fortune 500 companies and recently completed a landmark order from Walmart Canada, which replaced the lead acid batteries in all forklifts at a distribution centre with Electrovaya's lithium ion batteries. This site represents one of the largest lithium ion installations at a distribution centre in North America.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium ion superpolymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology-focused company with extensive IP (intellectual property), supplying leading global customers.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2638438&symbol=EFL&region=C

 

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Electrovaya receives $1.3M (U.S.) in follow-on orders

2018-08-01 10:54 ET - News Release

An anonymous director reports

ELECTROVAYA ANNOUNCES FOLLOW-ON PURCHASE ORDERS FOR A TOTAL OF US$1.3 MILLION (C$1.7 MILLION)

Electrovaya Inc. has received follow-on purchase orders from two current customers totalling about $1.3-million (U.S.) (approximately $1.7-million) for its ELivate line of forklift battery systems and energy storage modules.

Electrovaya is pleased to see a good flow of repeat orders in the Materials Handling Electric Vehicle (MHEV) and Automated Guided Vehicle (AGV) markets.

Electrovaya is focused on supplying lithium ion battery systems for the MHEV sector, which the Company believes to be a large and growing market opportunity. The Company supplies batteries for newly-manufactured electric trucks, as well as replacement batteries for existing fleets powered by lead acid batteries. Electrovaya believes it is the leading provider of lithium ion batteries for the emerging forklift market in North America, reflecting the superior performance of its batteries.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymertrademark batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.


https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2640529&symbol=EFL&region=C

 

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Electrovaya loses $2.5M (U.S.) from Q3 continued ops



2018-08-14 18:12 ET - News Release



An anonymous director reports

ELECTROVAYA REPORTS FINANCIAL RESULTS FOR Q3 2018

Electrovaya Inc. has released its financial results for the fiscal third quarter ended June 30, 2018 (Q3 2018). All dollar figures are in U.S. dollars unless otherwise noted.

Electrovaya is focused on supplying lithium-ion batteries for the materials handling electric vehicle (MHEV) sector, an emerging and rapidly growing market opportunity. Since the start of Q3 2018, the company has announced new and recurring purchase orders worth more than $3.6-million. In order to provide the working capital for fulfilment of these orders, the company has raised approximately $2.2-million (Canadian) from insiders, including directors and management. The company has also entered into a binding agreement for the sale and leaseback of its Mississauga, Ont., headquarters for gross proceeds of $22.5-million (Canadian). Proceeds will be used to pay down debt and for working capital purposes.

During Q3 2018, Electrovaya also completed commissioning on the $4.3-million (Canadian) purchase order from Walmart Canada. The company's batteries were installed in forklifts in a Walmart distribution centre, replacing lead acid batteries. This distribution centre represents one of the single largest installations of MHEVs powered by lithium-ion batteries in North America.

Electrovaya is encouraged by continued interest in its lithium-ion forklift battery systems from new and existing customers. In addition to the Fortune 500 companies which have issued initial and/or follow-up purchase orders, validation testing is continuing by major global companies, and Electrovaya is confident that sales momentum for these products will increase during the second half of fiscal 2018. Multiple manufacturers of MHEVs have approved the use of the company's lithium-ion batteries in certain vehicles for the North American market.

Q3 2018 financial highlights (all Q3 2018 financial highlights from continuing operations):

Revenue was $400,000 ($500,000 (Canadian)), compared with $1.0-million ($1.3-million (Canadian)) for Q3 2017.
Gross profit was slightly negative, compared with gross profit of $100,000 ($100,000 (Canadian)) for Q3 2017.
Net loss from continued operations was $2.5-million ($3.2-million (Canadian)), compared with $1.9-million ($2.4-million (Canadian)) for Q3 2017. The increased loss was primarily due to an $800,000 increase in general and administrative expenses in Q3 2018, resulting from a reimbursement of expenses without the corresponding inclusion of expenses from discontinued operations in Q3 2017.
The total comprehensive gain for the period was $3.0-million ($3.8-million (Canadian)) after recognizing a $5.1-million gain on loss of control of subsidiary. For Q3 2017, the total comprehensive loss was $1.1-million ($1.4-million (Canadian)).
For the nine months ended June 30, 2018, revenue was $4.4-million ($5.6-million (Canadian)) and gross profit was $1.2-million ($1.5-million), while revenue and gross profit were $2.1-million ($2.7-million (Canadian)) and $800,000 ($1.0-million (Canadian)), respectively, for the nine months ended June 30, 2017.
Cash and equivalents were $400,000 as at June 30, 2018.


Q3 2018 business highlights:

Electrovaya completed commissioning of lithium-ion batteries on the $4.3-million (Canadian) purchase order from Walmart Canada.
The company announced initial and follow-up purchase orders from customers totalling approximately $2.3-million ($2.9-million (Canadian)).
Electrovaya showcased its forklift battery products in a number of trade shows, including MODEX in Atlanta, Ga., from April 9 to April 12. MODEX is the leading manufacturing and supply chain expo in the United States.
Subsequent to Q3 2018, Electrovaya announced follow-on purchase orders worth approximately $1.3-million ($1.7-million (Canadian)).
Subsequent to Q3 2018, the company also entered into a binding agreement for the sale and partial leaseback of its Mississauga, Ont., headquarters for gross proceeds of $22.5-million (Canadian).


The company's complete Q3 2018 financial statements and management discussion and analysis (MD&A) are available on SEDAR or on the company's website.

Conference call details

The company will hold a conference call on Wednesday, Aug. 15, 2018, at 8 a.m. Eastern Time, to discuss the Q3 2018 financial results and to provide a business update.


Conference ID No.: 13682563

United States and Canada toll-free: 877-407-8291

International: 1-201-689-8345


To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on Aug. 15, 2018, through Aug. 29, 2018. To access the replay, the U.S. dial-in number is 877-660-6853 and the non-U.S. dial-in number is 1-201-612-7415. The replay conference ID number is 13682563.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion Super Polymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology-focused company with extensive intellectual property, supplying leading global customers.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2646627&symbol=EFL&region=C




Electrovaya arranges $1.5-million loan facility



2018-08-13 18:16 ET - News Release



Mr. Peter Koven reports

ELECTROVAYA ENTERS INTO $1.5 MILLION SECURED LOAN FACILITY

Electrovaya Inc. has entered into a secured demand loan facility with a corporation controlled by a director of the company. The loan facility is for the principal amount of $1.5-million with interest payable at 10 per cent per annum accruing until a demand for repayment is made or the facility is repaid in full, and is evidenced by a promissory note in favour of the lender. The company's obligations under the loan facility will be guaranteed by Electrovaya Corp. and 1408871 Ontario Inc., subsidiaries of the company. The guarantee of 1408871 Ontario Inc. will be secured by a fourth charge on the company's property at 2645 Royal Windsor Dr., Mississauga, Ont., L5J 1K9. The company has drawn $500,000 on the facility in advance.

The transaction is a related party transaction for Electrovaya within the meaning of that term under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as the lender under the facility is controlled by a director of the company. The entering into of the loan facility is exempt from the formal valuation and minority approval requirements under MI 61-101 as the fair market value of the consideration for the transaction, insofar as it involves interested parties, is not more than 25 per cent of the market capitalization of Electrovaya at the time the transaction was agreed to. This news release is being issued less than 21 days before the expected closing date of the loan facility. The company believes such completion is reasonable in the circumstances in order to increase the company's working capital for the fulfilment of customer purchase orders.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion Super Polymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology-focused company with extensive intellectual property, supplying leading global customers.


https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2645743&symbol=EFL&region=C

 

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Electrovaya receives $1.9-million (U.S.) in orders



2018-10-03 19:10 ET - News Release



Mr. Peter Koven reports

ELECTROVAYA PROVIDES BUSINESS UPDATE

Electrovaya Inc. has provided a business update covering a number of topics.

Electrovaya is focused on supplying lithium ion batteries for the materials handling electric vehicle (MHEV) sector, an emerging and rapidly growing market opportunity. The company is pleased to announce that it has received new purchase orders worth more than US $1.9 million (Cdn $2.4 million) to bring the total value of announced purchase orders received since the end of the June 30, 2018 quarter to US $3.2 million (Cdn $4.1 million). These orders are from the MHEV and Autonomous Guided Vehicles (AGV) sector which require highest-quality batteries as the vehicles tend to operate for extended periods, as long as 24 hours a day.

During Q3 2018, the Company entered into a binding agreement for the sale and leaseback of its Mississauga, Ontario headquarters for gross proceeds of Cdn $22.5 million. Proceeds will be used to pay down debt and for working capital purposes. The closing date for the sale has been extended to October 22, 2018.

The Company has continued to showcase its forklift battery products at trade shows, including The Global Cold Chain Expo in Chicago, Illinois and both the Battery Show and Critical Power Expo in Novi, Michigan.

Dr. Sankar Das Gupta, Electrovaya's Chief Executive Officer, was recently invited to participate in a panel discussion attended by the Prime Minister of India, Narendra Modi and several of his ministers, regarding the energy transformation of India. India could become one of the largest markets for lithium ion batteries as electric vehicle adoption in the country increases and the government plans to generate increasing amounts of energy from solar and other intermittent renewable sources.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymertrademark batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers.


https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2666705&symbol=EFL&region=C

 

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Electrovaya closes $22.5-million sale-leaseback deal



2018-10-23 18:11 ET - News Release



Mr. Peter Koven reports

ELECTROVAYA ANNOUNCES COMPLETION OF ITS REAL ESTATE SALE AND LEASEBACK FOR APPROXIMATELY CDN$22.5 MILLION

Electrovaya Inc. has completed the previously announced sale leaseback for $22.5-million. After purchase price adjustments and brokerage, the proceeds to the company are $20.2-million and will be used to pay down debt and for working capital purposes.

The sale-leaseback transaction significantly improves the company's liquidity as the company focuses on meeting increasing demand for the use of lithium ion batteries in applications, including material-handling electric vehicles, automated guided vehicles, electric buses and energy storage.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium ion super polymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology-focused company with extensive IP (intellectual property), supplying leading global customers.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2673312&symbol=EFL&region=C

 

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Electrovaya gets initial handout from the feds



2018-11-19 17:49 ET - News Release



Dr. Raj Das Gupta reports

ELECTROVAYA SIGNS $3.8 MILLION CONTRACT WITH SUSTAINABLE DEVELOPMENT TECHNOLOGY CANADA TO DEVELOP SAFE AND LONG-LASTING BATTERIES FOR ELECTRIC BUSES AND COMMERCIAL VEHICLES; TWO BUS MANUFACTURERS JOIN ELECTROVAYA IN DEVELOPMENT CONSORTIUM

Electrovaya Inc. has now signed a $3.8-million contract with Sustainable Development Technology Canada (SDTC) to develop safe and long-lasting lithium ion ceramic batteries for electric buses and commercial vehicles. The initial payment on the contract has now been received and follows the award from SDTC in August, 2017.

SDTC helps Canadian entrepreneurs accelerate the development and deployment of globally competitive clean technology solutions.

"We are delighted that SDTC is supporting our activities in the fast-growing electric commercial vehicle sector, in which high-performance batteries are needed to match the increasing operational and safety requirements," said Dr. Raj Das Gupta, Electrovaya's vice-president, technology and business development. "The selection of Electrovaya for this contract represents a strong endorsement of our battery technology."

Electric buses and commercial vehicles operate long hours every day, and require batteries that can work under fluctuating driving cycles and be charged quickly. The long duty cycle for these vehicles has similarities to Materials Handling Electric Vehicles (MHEVs), for which Electrovaya has developed industry-leading lithium ion battery technology. Electrovaya's batteries are powering a growing number of MHEVs and Automated Guided Vehicles used by many companies, including large Fortune 500 firms in the logistics and manufacturing sector, as they offer superior performance.

Two bus manufacturers have joined Electrovaya as consortium members for the SDTC-funded project. One of them is a fast-growing European manufacturer with multiple manufacturing plants worldwide. The other bus company is based in North America and has extensive relationships in the U.S. and Canadian markets. For more information, please contact:

Electrovaya designs, develops and manufactures proprietary lithium ion ceramic batteries and battery-related products for electric vehicles, energy storage and other specialized applications. Electrovaya is a technology focused company with extensive IP. It is headquartered in Ontario.

About Sustainable Development Technology Canada

SDTC is a foundation created by the government of Canada to advance clean technology innovation in Canada by funding and supporting small and medium-sized enterprises developing and demonstrating clean technology solutions.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C:EFL-2686361&symbol=EFL&region=C

 

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Electrovaya FY 2018 continued ops loss at $10.2M (U.S.)



2018-12-12 19:21 ET - News Release



Mr. Jason Roy reports

ELECTROVAYA REPORTS FISCAL 2018 REVENUE INCREASED 148% TO US$5.6 MILLION, Q4 2018 REVENUE ROSE SIXFOLD TO US$1.2 MILLION

Electrovaya Inc. has released its financial results for the fourth quarter and fiscal year ended Sept. 30, 2018. All dollar amounts are in U.S. dollars unless otherwise noted.

Financial Highlights:

Revenue from continued operations in FY 2018 was $5.6 million (C$7.6 million), compared to $2.3 million (C$3.0 million) for the fiscal year ended September 30, 2017 ("FY 2017"), an increase of approximately 148%. The increase reflects stronger order volume, including repeat orders for lithium ion batteries from customers in the electric forklift market.

Gross profit in FY 2018 was $1.8 million (C$2.4 million), or 31% of revenue, compared to gross profit of $0.9 million (C$1.2 million), or 40% of revenue, in FY 2017.

Revenue from continued operations in Q4 2018 was $1.2 million (C$1.6 million), a six-fold increase compared to $0.2 million (C$0.2 million) for the three months ended September 30, 2017 ("Q4 2017"). The increase reflects increasingly stronger order volume. On a sequential basis, Q4 2018 revenue was approximately three times higher than the $0.4 million (C$0.5 million) reported in the third quarter of Fiscal 2018.

Electrovaya anticipates further sequential revenue growth in the first quarter of Fiscal 2019. Based on the Company's Q1 2019 deliveries to date and with less than 3 weeks remaining in the quarter, Electrovaya anticipates revenue for the quarter of approximately $2.0 million (C$2.7 million).

Net loss from continued operations in Q4 2018 was $2.3 million (C$3.1 million), compared to $1.5 million (C$2.0 million) in Q4 2017. The increased net loss was due in part to higher research and development costs.

Net loss from continued operations in FY 2018 was $10.2 million (C$13.6 million), compared to $4.7 million (C$6.2 million) in FY 2017. The increased net loss was primarily attributable to an increase in research and development costs, an increase in general and administrative expenses due primarily to a reimbursement of expenses in FY 2017 without the corresponding inclusion of a reimbursement of expenses from discontinued operations in FY 2018, and an increase in finance costs (which are now substantially reduced due to recent debt reduction).

Other Business Highlights:

On July 27, 2018, Electrovaya announced the sale-leaseback of its headquarters in Mississauga, Ontario. Subsequent to FY 2018, on October 23, 2018, the transaction was completed, generating net proceeds to Electrovaya of C$20.2 million, of which C$16.9 million was applied to debt reduction and C$3.3 million was designated for working capital purposes. In addition to reducing debt finance costs, the transaction also significantly lowers operating costs for maintenance, taxes and utilities.

Electrovaya's workforce has been reduced by approximately 75% as at September 30th, 2018 compared to the Fiscal 2017 year-end as the Company discontinued its German component manufacturing and increased its use of contract manufacturing. As a result, G&A, overhead and other costs have also been significantly reduced.

Electrovaya delivered several hundred batteries in FY 2018 to operators of Materials Handling Electric Vehicles (MHEVs) active in the logistics, warehousing, manufacturing and distribution industries. Multiple Fortune 500 companies have started to use Electrovaya's batteries to power their MHEVs as replacements for lead acid batteries.

Several hundred batteries were also delivered to an Automated Guided Vehicle (AGV) OEM in FY 2018 to power new AGVs.

Electrovaya's battery products were showcased at a number of trade shows during FY 2018, including Electrovaya's booth at MODEX 2018 in Atlanta, Georgia and Raymond Corp's booth at CeMAT 2018 in Hannover, Germany.

Electrovaya is also targeting the electric bus market. This has similarities to the MHEV market, as electric buses tend to operate for two or three shifts every day and require high cycle-life batteries with strong safety standards. Electrovaya has signed a $2.9 million (C$3.8 million) contract with Sustainable Development Technology Canada (SDTC) to develop products for this market. The Company is pursuing this project in a consortium with bus manufacturers with global marketing reach.

Electrovaya's IP continues to increase with fresh patents and know-how. IP in a contract manufacturing era is protected through use of multiple "silos" of contract manufacturers.

During FY 2018, Electrovaya continued to focus on supplying high-performance lithium ion batteries to power MHEVs and AGVs, a rapidly emerging and growing market opportunity. Demand from these markets comes primarily from multishift operators in the ecommerce, logistics, warehousing and manufacturing sectors. These operators demand high-performance batteries to power their vehicles, which can operate 24 hours a day, work the equivalent of 250,000 kilometres per year, and be rapidly charged multiple times a day.

Electrovaya expects sales momentum for these products will continue to increase in Fiscal 2019, as the Company sees strong market demand and continues to sell batteries through OEMs and directly to large global companies, including Fortune 500 companies. Continued sales momentum, combined with the recent cost reductions outlined above, positions the Company for stronger financial performance.

The Company's complete Annual Audited Financial Statements, Management Discussion and Analysis and Annual Information Form for the year ended September 30, 2018 are available at www.sedar.com or on the Company's website at www.electrovaya.com .

Conference Call Details:

The Company will hold a conference call on Thursday, December 13, 2018 at 8:00 a.m. Eastern Time (ET) to discuss the FY 2018 financial results and to provide a business update.

Conference ID: 13685801

US and Canada toll free: (877) 407-8291

International: + 1(201) 689-8345

To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on December 13, 2018 through December 27, 2018. To access the replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S. dial-in number is +1 (201) 612-7415. The replay conference ID is 13685801.

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.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2697016&symbol=EFL&region=C

 

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Electrovaya receives $1.25M (U.S.) in Elivate orders



2019-03-28 07:45 ET - News Release



An anonymous director reports

ELECTROVAYA ANNOUNCES NEW PURCHASE ORDERS WORTH US$1.25M (~C$1.67M) FOR LITHIUM ION BATTERY SYSTEMS

Electrovaya Inc. has received three new purchase orders totalling $1.25-million (U.S.) (about $1.67-million) for its Elivate line of material handling electric vehicle (MHEV) battery systems. This includes a repeat order for a Fortune 100 customer, at a site located outside North America, and another repeat order through a forklift OEM (original equipment manufacturer) dealer in the United States. Electrovaya sells batteries through two channels: direct sales and sales through OEM distribution.

The new orders provide Electrovaya with a total of more than $4-million (U.S.) ($5.4-million) of open orders for its MHEV, autonomous guided vehicle (AGV) and energy storage battery products.

Electrovaya will have its battery system product line for MHEVs and AGVs on display at the ProMat 2019 conference (booth N6124) in Chicago from April 8 to April 11, 2019.

About Electrovaya Inc.

Electrovaya 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 intellectual property. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2736474&symbol=EFL&region=C

 

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Electrovaya to sell battery systems through The Raymond



2019-05-09 11:06 ET - News Release



Mr. Rajshekar DasGupta reports

ELECTROVAYA ANNOUNCES SALES AGREEMENT WITH RAYMOND CORP.

Electrovaya Inc. has completed a sales agreement with The Raymond Corp., a Toyota Industries group company. The sales agreement will allow The Raymond Corporation's Sales and Service Centers network to sell Electrovaya battery systems to customers that have the select compatible Raymond lift trucks.

"We are excited to begin this relationship with The Raymond Corporation. The Electrovaya Elivate line of battery systems has proven itself to be robust and an excellent fit with select Raymond lift trucks." said Rajshekar DasGupta, Vice President Technology and Business Development, at Electrovaya. "This agreement will help provide Raymond's customers the opportunity for a lithium ion battery solution and to expand Electrovaya's market reach."

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.

About The Raymond Corp.

For more than 95 years, The Raymond Corporation has built a reputation on innovation, quality and service. Raymondtrademark manual and electric forklifts meet a variety of material handling needs and offer advanced end-to-end warehouse solutions that enable operations to run better and manage smarter. This philosophy helps ensure Raymond and its customers are always evolving, always running, always moving ahead - and always on. The portfolio of advanced offerings includes the iWAREHOUSEtrademark fleet management and warehouse optimization system; automated lift truck solutions for the warehouse of the future; and the Raymond Virtual Reality Simulator, a supplemental instructional tool that helps customers improve their operations and meet industry labor demands.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2756636&symbol=EFL&region=C

 

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Electrovaya has $1.9M (U.S.) continued ops loss in Q2



2019-05-14 17:05 ET - News Release



An anonymous director reports

ELECTROVAYA REPORTS Q2 2019 FINANCIAL RESULTS

Electrovaya Inc. has released its financial results for the fiscal second quarter ended March 31, 2019. All dollar amounts are in U.S. dollars unless otherwise noted.

Q2 2019 Financial Highlights:

Revenue was $1.3 million (C$1.8 million), compared to $3.3 million (C$4.4 million) for the fiscal second quarter ended March 31, 2018 ("Q2 2018"). The revenue decline was attributable to the fulfillment of a single large order in Q2 2018. Q2 2019 revenue was derived entirely from deliveries of lithium ion batteries to multiple customers in the electric forklift and Automated Guided Vehicle ("AGV") markets. Revenues for the six months ended March 31, 2019 ("YTD 2019") and March 31, 2018 ("YTD 2018") were $3.2 million (C$4.3 million) and $4.0 million (C$5.4 million), respectively.

Gross profit was $0.4 million (C$0.5 million), or 35% of revenue, compared to gross profit of $0.9 million (C$1.2 million), or 28% of revenue, in Q2 2018. Gross profit for YTD 2019 was $1.2 million (C$1.6 million), or 36% of revenue, compared to gross profit of $1.2 million (C$1.6 million), or 29% of revenue, in YTD 2018.

Net loss from continued operations was $1.9 million (C$2.6 million) compared to a net loss from continued operations of $2.7 million (C$3.6 million) in Q2 2018. Net earnings from continued operations for YTD 2019 were $0.9 million (C$1.2 million), compared to a net loss from continued operations of $5.4 million (C$7.3 million) in YTD 2018. The net profit in YTD 2019 was primarily due to a gain on the sale of capital assets of $4.2 million (C$5.7 million).

Other Business Highlights:

Electrovaya's batteries continue to gain substantial traction in the Materials Handling Electric Vehicle ("MHEV") market. The Company received both new and repeat purchase orders during the quarter. Electrovaya now has a total of more than $3.3 million (C$4.4 million) of open orders for its MHEV, AGV and energy storage battery products.

To date, Electrovaya has sold and delivered batteries to commercial operations at 23 customer sites in the United States and Canada, with several customers making follow-up orders. The majority of customers are large corporations, including several Fortune 500 companies. These end users span all aspects of the materials handling market and include major retail, furniture distribution, cold storage, manufacturing and third-party logistics companies.

Electrovaya has established a close working relationship with leading original equipment manufacturers ("OEMs") in the MHEV and AGV sectors:

Badger Technologies{A ™}, a product division of Jabil Inc., displayed its fully autonomous robot and corresponding lithium ion battery at Electrovaya's booth at the ProMat 2019 conference in Chicago's McCormick Place in April 2019. Each of Badger's autonomous robots is powered by Electrovaya's lithium ion battery system. The Electrovaya battery system features a high energy density design with an advanced battery management system, and lithium ion cells with advanced ceramic separators. These systems are optimized to maximize energy, cycle life and safety.

Electrovaya has completed a sales agreement with The Raymond Corporation, a Toyota Industries Group company. The sales agreement will allow The Raymond Corporation's Sales and Service Centers network to sell Electrovaya battery systems to customers that have compatible Raymond lift trucks. Electrovaya's Elivate battery system was on display at the Raymond booth at ProMat 2019.

Electrovaya continues to make progress in developing high-voltage battery packs for use in the electric bus market. The company is working with two bus companies as part of its $2.9 million (C$3.8 million) contract with Sustainable Development Technology Canada.

During Q2 2019, a Canadian chartered bank provided a loan to finance specific purchase orders. The loan is cash collaterized with a $187K (C$250K) cash deposit. The first tranche of $374K (C$500K) has been drawn, and the Company and bank are now in negotiation to add second and third tranches.

The Company has reduced operating expenses over each of the last three sequential quarters. Operating expenses were $3.0 million (C$4.0 million) in the fourth quarter of fiscal 2018, $2.5 million (C$3.4 million) in the first quarter of fiscal 2019, and $2.2 million (C$3.0 million) in Q2 2019. Management will continue to focus on cost-saving opportunities.

The Company's complete Q2 2019 Financial Statements and Management Discussion and Analysis for the quarter ended March 31, 2019 are available at www.sedar.com or on the Company's website at www.electrovaya.com.

Conference Call Details:

The Company will hold a conference call on Wednesday, May 15, 2019 at 8:00 a.m. Eastern Time (ET) to discuss the Q2 2019 financial results and to provide a business update.

Conference ID: 13690810

US and Canada toll free: (877) 407-8291

International: + 1(201) 689-8345

To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on May 15, 2019 through May 28, 2019. To access the replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S. dial-in number is +1 (201) 612-7415. The replay conference ID is 13690810.

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.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2759186&symbol=EFL&region=C

 

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Electrovaya receives order for electric bus battery



2019-05-28 11:09 ET - News Release



An anonymous director reports

ELECTROVAYA RECEIVES FIRST PURCHASE ORDER FOR AN ELECTRIC BUS BATTERY SYSTEM

Electrovaya Inc. has received a purchase order for a 300-kilowatt-hour, 600-volt battery system to power an electric bus. The Electrovaya modular battery system is expected to provide the 40-foot bus a range of more than 200 kilometres and will be capable of fast charging.

Electrovaya's lithium-ion battery is known for its superior cycle life, safety, energy and power attributes, all of which are important in electric buses. These buses frequently operate 12 to 16 hours a day or more, with a targeted life of 10 years or more.

Electrovaya has a research and development program for electric bus batteries that is supported by a $3.8-million grant from Sustainable Development Technology Canada (SDTC). The company is working with two bus manufacturers on the SDTC-funded project.

About Electrovaya Inc.

Electrovaya 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 intellectual property. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2764857&symbol=EFL&region=C

 

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Electrovaya arranges $1.5-million credit facility



2019-06-26 07:30 ET - News Release



An anonymous director reports

ELECTROVAYA SIGNS CREDIT FACILITY AGREEMENT TO FINANCE CUSTOMER PURCHASE ORDERS

Electrovaya Inc. has entered into an agreement with a Canadian financial institution for a credit facility that will support Electrovaya's growing business and working capital needs related to its recently announced purchase order backlog of more than $4-million.

The credit facility is expected to close once security arrangements and certain other requirements have been put in place. The initial facility is for up to $1.5-million. The facility may be increased subject to securing certain new purchase orders.

About Electrovaya Inc.

Electrovaya 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 intellectual property.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2777367&symbol=EFL&region=C

 

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Electrovaya adds features to EV44 lithium-ion cell



2019-07-09 12:40 ET - News Release



An anonymous director reports

ELECTROVAYA ADDS ADVANCED FEATURES TO ITS LITHIUM ION CELL

Electrovaya Inc. has added certain advanced features to its EV44 cell, including higher energy density and lower cobalt content. The cell, which has more than 44 amp-hours of capacity and average output voltage of 3.7 volts, features improved temperature tolerance and cycle life. It can operate at continuous high charge/discharge rates and has been tested at 45 C over hundreds of cycles without external cooling. These advanced features will be available later in 2019.

Electrovaya believes the EV44 cell has one of the industry's highest cycle lives for large-format lithium-ion pouch cells, as well as low parasitic reactions and excellent safety. The cell should further reinforce Electrovaya's technology for intensive, mission-critical applications in electromobility, such as electric forklifts, electric trucks and electric buses. These applications demand batteries with a combination of: high cycle life, fast charging, high safety standards, excellent energy and power levels, and the ability to handle high-temperature excursions.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2781954&symbol=EFL&region=C

 

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Electrovaya has $1.2M (U.S.) continued ops loss in Q3



2019-08-14 02:11 ET - News Release



Mr. John Macdonald reports

ELECTROVAYA REPORTS Q3 2019 FINANCIAL RESULTS

Electrovaya Inc. has released its financial results for the fiscal third quarter ended June 30, 2019. All dollar amounts are in U.S. dollars unless otherwise noted.

Q3 2019 Financial Highlights:

Revenue was $1.2 million (C$1.6 million), a nearly 200% increase compared to $0.4 million (C$0.5 million) for the fiscal third quarter ended June 30, 2018 ("Q3 2018") due to the fulfilment of orders and other projects. Revenue for the nine months ended June 30, 2019 ("YTD 2019") was $4.4 million (C$5.8 million), similar to the nine months ended June 30, 2018 ("YTD 2018").

Gross profit was $0.4 million (C$0.5 million), or 35% of revenue, compared to a slightly negative balance in Q3 2018. Gross profit for YTD 2019 was $1.6 million (C$2.1 million), or 36% of revenue, an increase of 35% from gross profit of $1.2 million (C$1.6 million), or 26% of revenue, in YTD 2018.

Earnings before interest, tax, depreciation and amortization ("EBITDA") was negative $0.6 million (C$0.8 million) for Q3 2019, as compared to negative $1.7 million (C$2.2 million) for Q3 2018, a 65% reduction. The variance was due to a substantial reduction in Research & Development expenses in Q3 2019, as these expenses were applied to the direct cost of the electric bus project, and lower General & Administrative expenses in Q3 2019 due to a concerted effort to reduce overheads.

Net loss from continued operations was $1.2 million (C$1.6 million) compared to a net loss from continued operations of $2.5 million (C$3.3 million) in Q3 2018, a reduction in net loss of 52%. Net loss from continued operations for YTD 2019 was $0.4 million (C$0.5 million), compared to a net loss from continued operations of $7.8 million (C$10.3 million) in YTD 2018, a reduction in net loss of about 95%. The net loss in YTD 2019 was significantly impacted by a gain on the sale of capital assets of $4.2 million (C$5.6 million).

Other Business Highlights:

In the Materials Handling Electric Vehicle sector, Electrovaya has sold and delivered batteries to-date to 26 commercial operating sites in the United States, Canada, Mexico and Costa Rica with several customers making follow-on orders. The majority of customers are large corporations, including several Fortune 500 companies. These end users span all aspects of the materials handling market and include major retail and distribution centers, furniture industry, cold storage, manufacturing and third-party logistics companies.

In the electric bus sector, Electrovaya is working on a $2.9 million (C$3.8 million) electric bus battery development program. Electrovaya also received a purchase order for a 300kWh, 600V battery system to power an electric bus. The Electrovaya modular battery system is expected to provide a 40-foot bus with a range of more than 200 kilometers and capable of fast charging.

On June 11, 2019, the Company announced that it has launched more than 25 different lithium ion ceramic battery models for the electric forklift market. This accelerated development was carried out over the last 20 months after the initial launch of just two battery models in 2017. The Company is now able to provide complete battery motive power solutions for the vast majority of warehouse configurations. The batteries currently available include 24V, 36V, 48V and most recently 80V in energy capacities ranging from 6 kWh to 63 kWh.

Subsequent to Q3 2019, the Company announced on July 9, 2019 that it had added certain advanced features to its EV44 cell, including higher energy density and lower cobalt content. The cell, which has more than 44Ah of capacity and average output voltage of 3.7V, features improved temperature tolerance and cycle life. It can operate at continuous high charge/discharge rates and has been tested at 45oC, over hundreds of cycles, without external cooling. These advanced features will be available later in 2019.

The Company has reduced operating expenses over each of the last four sequential quarters. Operating expenses were $1.5 million (C$2.0 million) in Q3 2019, $2.2 million (C$2.9 million) in the second quarter of fiscal 2019, $2.5 million (C$3.3 million) in the first quarter of fiscal 2019, and $3.0 million (C$4.0 million) in the fourth quarter of fiscal 2018. Management will continue to focus on cost-saving opportunities.

John Macdonald recently joined the Electrovaya Board of Directors. Mr. Macdonald, in various CEO roles, has raised more than $2.5 billion in financing, 27 acquisitions and 4 divestitures in his career. He has launched four businesses that each created more than $100 million of value. As CEO of Enercare, he was instrumental in the company being acquired by Brookfield for $4.3 billion in 2018.

The Company's complete Q3 2019 Financial Statements and Management Discussion and Analysis for the quarter ended June 30, 2019 are available at www.sedar.com or on the Company's website at www.electrovaya.com.

Conference Call Details:

The Company will hold a conference call on Wednesday, August 14, 2019 at 8:00 a.m. Eastern Time (ET) to discuss the Q3 2019 financial results and to provide a business update.

Conference ID: 13693692

US and Canada toll free: (877) 407-8291

International: + 1(201) 689-8345

To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to the start of the call.

For those unable to participate in the conference call, a replay will be available for two weeks beginning on August 14, 2019 through August 27, 2019. To access the replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S. dial-in number is +1 (201) 612-7415. The replay conference ID is 13693692.

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.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2796432&symbol=EFL&region=C

 

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Electrovaya receives $1.1-million in new orders



2019-08-16 07:29 ET - News Release



Mr. Jason Roy reports

ELECTROVAYA ANNOUNCES TWO REPEAT PURCHASE ORDERS FOR LITHIUM ION BATTERY SYSTEMS WORTH C$1.1 MILLION

Electrovaya Inc. has received two new purchase orders totalling approximately $1.1-million. Both orders are from existing customers.

The company has received an approximately $450,000 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 (original equipment manufacturer). In addition, Electrovaya received an approximately $650,000 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 $5-million of open orders for MHEV, AGV and energy storage battery systems.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2797940&symbol=EFL&region=C

 

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Electrovaya receives $7.3M in forklift battery orders



2019-09-05 07:58 ET - News Release



Dr. Raj Das Gupta reports

ELECTROVAYA ANNOUNCES PURCHASE ORDERS FROM WALMART CANADA OF ABOUT CDN $7 MILLION FOR FORKLIFT BATTERY SYSTEMS IN TWO DISTRIBUTION WAREHOUSES

Electrovaya Inc. has secured new purchase orders under a contract with Walmart Canada for its forklift battery systems. The retailer will convert all the forklifts at two of its distribution centres to Electrovaya's drop-in lithium ion battery systems. The new purchase orders are worth approximately $7.3-million.

Following these deliveries, Walmart Canada will have three distribution warehouses in which its materials handling vehicles are fully powered by Electrovaya's lithium ion battery systems. The retailer previously converted all forklifts at an Ontario distribution centre to Electrovaya batteries in 2018.

"We are pleased to continue working with Walmart Canada, a leader in the introduction of green sustainable technology in the distribution and logistics industry," said Dr. Raj Das Gupta, vice-president, business development at Electrovaya. "These purchase orders represent a strong endorsement of our lithium ion battery technology. It is ideally suited to intensive-use applications such as forklifts, supporting both higher efficiency and sustainability."

"At Walmart, we are always looking at ways to make our distribution centres more sustainable. The Electrovaya batteries offer improved energy efficiency, which will help reduce our environmental footprint," said John Bayliss, executive vice-president, logistics, at Walmart Canada.

Electrovaya's ELivate lithium ion forklift battery line features a ceramic separator and provides industry-leading cycle life, safety, energy and power attributes.

About Electrovaya Inc.

Electrovaya 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.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2806553&symbol=EFL&region=C




Electrovaya arranges $1.5-million credit facility



2019-08-21 07:23 ET - News Release



Mr. Richard Halka reports

ELECTROVAYA CLOSES CREDIT FACILITY AGREEMENT TO FINANCE CUSTOMER PURCHASE ORDERS

Electrovaya Inc. has closed an agreement with a Canadian financial institution for a credit facility and has drawn $1.4-million of the $1.5-million available under the facility. The facility will support fulfilment of Electrovaya's customer purchase orders and working capital needs.

Commenting on the facility, Richard Halka, Electrovaya's executive vice-president and chief financial officer, stated: "The financial institution conducted an extremely thorough due diligence focusing on our recently announced purchase orders as well as a legal review of all assets, patents and liabilities. We are very pleased that we now have the ability to draw the funds to finance fulfilment of our customers' orders and working capital needs to support our production growth."

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2799407&symbol=EFL&region=C

 

[Kostolanys Erbe]

Electrovaya signs term sheet for $5.5M credit facility



2019-09-26 16:53 ET - News Release



Mr. Jason Roy reports

ELECTROVAYA SIGNS TERM SHEET TO FINANCE WALMART PURCHASE ORDERS

Electrovaya Inc. has signed a non-binding term sheet with a Canadian financial institution for a credit facility that will support Electrovaya's working capital needs related to its recently announced Walmart purchase orders of more than $7-million.

Closing of the credit facility remains subject to a definitive loan agreement being entered into and the satisfaction of customary closing conditions, including required security and other arrangements being put in place. The facility is expected to be for up to $5.5-million from the same lender as the previously announced $1.5-million facility, bringing the total available facilities to $7-million, to finance fulfilment of the over $13-million of open orders in hand for MHEV, AGV, E-Bus and energy storage battery systems.

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aEFL-2813878&symbol=EFL&region=C