Lithium Battery Stock Electrovaya (NASDAQ:ELVA)(TSX:ELVA) Soars On New Agreement And Orders

(MENAFN- Investor Ideas) ) a go-to platform for big investing ideas, including renewable energy stocks issues a news and trading alert for Electrovaya Inc. (NASDAQ:ELVA )(TSX:ELVA ), a lithium-ion battery technology and manufacturing company.

The stock makes the TSX top gainer list following news today, trading at 8.00 +0.67 (+9.14%), with a morning high of $8.10. The stock is trading at 5.72 +0.50 (+9.58%) on the Nasdaq.

Electrovaya Inc, announced today that it has entered into a strategic supply agreement with Janus Electric Holdings Limited ("Janus") (ASX:JNS), an Australian developer of diesel-to-electric conversion and battery-swapping systems for Class 8 heavy-duty trucks, with approximately $26 million in initial purchase orders for Electrovaya's lithium-ion battery systems to meet initial demand for Janus products in the United States and Canada. As part of the strategic alignment, Electrovaya has entered into a term sheet to invest approximately US$1.4 million in Janus for up to 4.2 million shares, together with up to 6.3 million warrants.

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Class 8 trucks, the heaviest category of on-road commercial vehicles, are among the largest consumers of diesel fuel, making their electrification one of the most significant, and most demanding, applications for battery technology. Janus's approach converts existing diesel prime movers to battery-electric operation and pairs them with swappable battery packs and Janus Charge & Change Stations, allowing fleets to exchange batteries in minutes rather than wait hours to recharge, and to electrify without the capital cost of purchasing new trucks. Electrovaya's lithium-ion battery systems, which incorporate its proprietary Infinity Battery Technology and are designed for safety, reliability and long cycle life in high-utilization applications, are well suited to the repeated daily swap cycles of this model.

Janus has built a significant order book across the United States, Canada and Australia. To date, Janus has secured orders and commitments for 118 truck conversions in the United States and Canada. In Australia, Janus continues to serve existing customers and is advancing a pipeline of opportunities across the mining, linehaul and quarry sectors. Approximately 600kWh of Electrovaya batteries are utilized per truck conversion.

With deliveries to Janus now underway, Electrovaya is supplying battery systems to support the start of Janus's North American customer deployments. Electrovaya is also expanding its North American manufacturing capacity, including lithium-ion cell, module and battery pack production at its facility in Jamestown, New York, which is expected to come online during the Company's 2027 fiscal year.

In conjunction with the supply agreement, Electrovaya has entered into a term sheet to make a strategic equity investment of approximately A$2.0 million (US$1.4 million) in Janus by way of a direct placement. The placement shares will be issued at the five-day volume-weighted average price of Janus shares on the Australian Securities Exchange ("ASX") prior to signing, totalling approximately 4.2 million shares. At completion, Janus will also issue to Electrovaya, for no additional consideration, warrants equal to 150% of the number of placement shares issued. Each warrant will be fully vested on issuance, will entitle Electrovaya to acquire one ordinary share of Janus at an exercise price equal to 125% of the placement issue price, and will expire three years from the date of issuance. Completion of the placement is subject to customary conditions, including ASX quotation of the placement shares and receipt of any required approvals. Janus intends to use the proceeds for working capital purposes.

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