Electrovaya ( (TSE:ELVA) ) has shared an announcement.
Electrovaya has secured a $20 million credit facility from the Bank of Montreal to enhance its growth and reduce costs. This new facility, which includes a three-year term and an option to expand by $5 million, replaces existing debt and lowers capital costs, thus strengthening Electrovaya’s financial position. It supports operations in both the U.S. and Canada and enables financing from the U.S. Export-Import Bank for manufacturing investments in Jamestown. This strategic financial move is expected to bolster Electrovaya’s expansion plans and facilitate its pursuit of vertically integrated lithium-ion battery manufacturing in the U.S.
More about Electrovaya
Electrovaya Inc. is a leading company in the lithium-ion battery technology and manufacturing industry, focusing on providing advanced battery solutions. The company operates primarily in the United States and Canada, with a market focus on expanding its manufacturing capabilities and promoting the adoption of its battery technology.
YTD Price Performance: -12.16%
Average Trading Volume: 93,575
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $90.38M
See more data about ELVA stock on TipRanks’ Stock Analysis page.