Electrovaya Announces Commercial Relationship with Amazon

Electrovaya announced a commercial relationship with Amazon that includes a warrant transaction and is expected to expand deployment of Electrovaya’s Infinity Battery Technology across Amazon’s material handling operations. The deal could also lead to broader use of Electrovaya’s battery platforms in robotics and energy storage, which management says may support future revenue, earnings and cash flow growth. Amazon can receive warrants for up to 13,880,345 Electrovaya shares, vesting in part immediately and fully upon cumulative future purchases of US$280 million. The agreement highlights a potentially meaningful customer win for Electrovaya and may validate its safety-focused lithium-ion technology in large-scale industrial applications. The company also plans regulatory filings and said the Toronto Stock Exchange conditionally approved the listing of shares issuable under the warrants.