21:01:37 EDT Wed 14 Apr 2021
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or Name

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Electrovaya Inc
Symbol EFL
Shares Issued 139,392,511
Close 2021-02-23 C$ 2.08
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Electrovaya applies to list on Nasdaq

2021-02-23 07:38 ET - News Release

Mr. Jason Roy reports


Electrovaya Inc. has submitted an initial application to list its common shares on the Nasdaq Stock Market.

The company is pursuing a Nasdaq listing in order to enhance its investor profile, with the goal of attracting institutional and retail investors, furthering merger and acquisition opportunities, and increasing shareholder value.

Electrovaya currently earns the majority of its revenues from the United States. The company's lithium-ion batteries are powering mission-critical electric lift trucks in approximately 48 locations, a majority of which are in the U.S. With the recent signing of a strategic sales agreement with Raymond Corp., as well as Electrovaya's UL2580 listing, the company expects its battery sales to continue growing in the United States and other countries. In addition to its existing battery line for electric lift trucks, Electrovaya is also developing high-voltage battery packs for electric buses and electric trucks.

Electrovaya is a technology-intensive company and holds more than 100 patents in lithium-ion battery technology. This intellectual property is focused on subjects including ceramic separators, non-toxic electrode production, solid-state batteries, cell design, high energy density electrodes, battery management systems, reduction of parasitic reactions and system design.

Electrovaya's common shares will continue to be listed and trade on the Toronto Stock Exchange under the symbol EFL. The listing of the company's common shares on Nasdaq remains subject to the review and approval of the company's listing application and the satisfaction of all applicable listing and regulatory requirements, and there is no assurance that Nasdaq will approve the listing of the company's common shares.

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.

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