The Globe and Mail reports in its Thursday edition that Electrovaya shares surged Wednesday after the Canadian battery maker announced a deal with Amazon that could result in the tech giant owning over 20 per cent of its stock. The Globe's Sean Silcoff writes that Electrovaya said Wednesday it had signed an agreement and warrants deal with Amazon, its largest customer. Amazon will receive warrants carrying the right to buy up to 13,880,345 Electrovaya common shares at the fixed price of $8.56 (Canadian) apiece for 10 years. Amazon exercised 40 per cent of the warrants on closing of the deal Tuesday and the rest will gradually vest as Amazon buys $280-million (U.S.) worth of the Canadian company's products going forward. Electrovaya stock closed Wednesday at $11.76 (U.S.) on Nasdaq, up 49 per cent on the day – and 3.2 per cent above the warrant price. That means if Amazon had picked up the Electrovaya shares covered under the already-vested warrants, it would be sitting on a pre-tax gain of $17.7-million (U.S.) on that chunk of stock. Electrovaya stock has more than quadrupled in value since the start of 2025. Amazon accounted for roughly one-third of Electrovaya's $63.8-million (U.S.) in fiscal 2025 revenue.