About Electrovaya

Electrovaya Inc. engages in the design, development, manufacturing, and sale of Lithium-Ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. The company designs, develops, and manufactures directly or through out-sourced manufacturing lithium ion batteries for Material Handling Electric Vehicles (MHEV), robotic applications and high voltage battery systems for use in electrified bus, truck, energy storage, and defense applications. The company’s main businesses include lithium ion battery systems to power MHEV, including fork-lifts, as well as accessories, such as battery chargers to charge the batteries; lithium ion batteries for robotic applications; high voltage battery systems for electric bus, truck and defense applications; and industrial products for energy storage. The company has a team of mechanical, electrical, electronic, battery, electrochemical, materials, and system engineers able to give clients a ‘complete solution’ for their energy and power requirements. The company also has substantial intellectual property in the lithium ion battery sector. The company developed cells, modules, battery management systems, software, and firmware necessary to deliver systems for these intensive applications. It also developed supply chains, which can produce needed components, including separators, electrolytes with appropriate additives, cells and cell assembly, modules, electronic boards, electrical, and mechanical components as needed for its battery systems. On October 3, 2022, the company selected New York State as the location for its first U.S. gigafactory (the Gigafactory), for the production of cells and batteries. The company will set up operations at a 135,000 square foot plant on a 52-acre campus near Jamestown, New York. The company is developing the Gigafactory due to rising demand for its lithium-ion batteries, which provide superior safety and longevity in demanding applications for e-forklifts, e-trucks, e-robots, e-buses and more. On July 20, 2023, the company announced the launch of its Infinity-HV battery systems. The Infinity-HV systems target heavy-duty, high-voltage applications, including buses, delivery trucks, construction trucks, hybrid-fuel cell/battery systems, and stationary energy storage systems. The company’s Infinity-HV systems will offer industry-leading safety and longevity for these applications, ultimately providing users with lower liability costs, better warranty coverage and an overall lower cost of ownership. On August 2, 2023, the company provided the following business update on the planned New York gigafactory. The first phase of construction is expected to take place within the existing 135,000 square foot manufacturing facility for the production of cells and batteries. In October 2023, the company established a relationship with one of the four largest Japanese trading houses or ‘sogo shosha’. Through this partnership, the company’s products are being marketed to a host of Japanese and international original equipment manufacturers (OEMs) representing a significant boost to the company’s sales reach. On November 2, 2023, the company executed a strategic supply agreement with two leading affiliated OEM partners for material handling vehicles and other affiliates for the supply of battery systems. The new agreement supersedes a preceding agreement from December 2020 with just one of the OEM partners and includes a longer term with larger minimum purchases to maintain exclusivity. Products and Services Electric Vehicle The company’s focus is addressing applications where a lithium-ion battery will be used intensively, as intensive users tend to place a higher value on higher performance and safer technology and also provide a lower cost of ownership with a higher performing and longer cycle life product. Examples of intensive use of lithium-ion batteries in the electric vehicle space include electric trucks, electric forklifts, electric buses, and other industrial vehicle systems. The company has two battery technology platforms, the Infinity Platform and the Solid State Platform. Infinity Platform This technology platform is based on key IP that the company owns, including but not limited to, ceramic separators, electrolytes, and the final lithium-ion cell design. This technology platform provides significantly improved safety and cycle life performance when compared to other available lithium ion battery chemistries and types. Due to these advantages, products based on this technology platform are well suited to heavy duty applications that the company prioritizes, including material handling, robotics, and electric heavy duty vehicles. Nearly all the company’s commercial products are based on this technology platform. Solid State Platform This technology platform is under development, is not revenue generating and would be considered as a next-generation battery technology for electric vehicles and other applications. The company’s technology may enable a new category of battery that meets the requirements for broader market adoption. The lithium-metal solid-state battery and solid-state hybrid battery technology that the company is developing is being designed to offer greater energy density and higher performance when compared to today’s conventional lithium-ion batteries used in the electric vehicle industry. Sale of Products In the last three years, the company has focused its sales efforts primarily on the electric forklift, robotic, and material handling market but it has added high voltage applications, including electric bus and truck markets as key focus areas. The company’s primary geographical focus is North America, however it has had sales activities in South America, Asia, and Australia. For the company’s batteries powering electric forklifts, there are two main market sales channels the OEM Partners sales channel and the Direct sales channel. The company is actively pursuing additional OEM relationships for electric bus, truck, diesel generator replacement, and defense applications for its new high voltage product line. The company also sells battery systems directly to some customers and through partnered dealers. Direct sales are generated by the company’s own direct sales team and are focused on a few large key accounts, including but not limited to, Walmart and Mondelez. The company has achieved UL2580 listing across its line of 24V, 36V and 48 forklift batteries. The safety certification covers more than 30 different models and is a key milestone for the company. UL certification shows the company’s continued commitment to safety and quality. The company is pursuing UL2580 on additional models for the 2024 fiscal year. Strategy The company’s strategies are to establish global strategic relationships in order to broaden the market potential of its products and services; develop and commercialize leading-edge technology for heavy duty and mission critical electrified applications, as well as partnering with key large organizations to bring them to market; invest in research and development initiatives related to new technologies that enhance the operating performance of its current and future products; and focus its products and sales efforts on intensive use and mission critical applications, such as the logistics and e-commerce industry, automated guided vehicles, electric buses, defense, energy storage, and other heavy duty applications. Intellectual Property The company’s patents are issued globally and typically across the United States and Canada. In some cases, the company does file into other jurisdictions, such as Europe, India, China, Japan, and other countries where potential markets and/or manufacturing activities make patent protection desirable and economically justifiable. The company also acquired about 30 patents mainly on ceramic composite separators and lithium ion cells. Competition The company’s primary competitors are: MHEVs, including Forklifts and Automated Guided Vehicles: The company’s lead acid battery competitors include EnerSys, East Penn Manufacturing Company, and Exide Technologies Inc. Its hydrogen fuel cell competitors include Plug Power and Ballard, as well as forklift manufacturers, such as Hyster Yale and Linde. Competitors in the lithium ion battery sector include Navitas Systems, Green Cubes, and Flux Power, as well as EnerSys. High Voltage Vehicle Battery Systems: Competition includes manufacturers and battery system integrators, including Proterra, Nikola, Microvast, Akasol, Forsee Power, Toshiba, and others. Stationary Energy Storage: Competition includes manufacturers and system integrators. The company competes primarily with LG Chem, Panasonic, Tesla, SAFT, BYD, Samsung, SK Innovation, Toshiba, Leclanche, and others. Other Electric Vehicle Battery Systems: The company competes primarily with LG Chem, Johnson Controls, SAFT, Samsung, SK Innovation, BYD, CATL, Enersys, Panasonic, and others. History The company was founded in 1996. It was incorporated in 1996 under the Business Corporations Act (Ontario). The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in 2002.