Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL) (OTCQX: EFLVF) today announced that it has secured new purchase orders worth approximately US$4 million (C$5.2 million) for forklift battery systems, to be delivered by the end of the Company’s third fiscal quarter ending June 30, 2020. These purchase orders increase Electrovaya’s order backlog to approximately US$13 million (C$17 million). The Company expects to complete deliveries on approximately US$10.8 million (C$14 million) of orders by 30th June, 2020, barring unforeseen circumstances.
The new orders announced today are from an existing customer currently operating Electrovaya batteries, and were received through the Company’s Original Equipment Manufacturer (“OEM”) distribution channel.
“These repeat purchase orders underscores customer satisfaction with our forklift battery products,” said Dr. Raj Das Gupta, Vice President, Business Development at Electrovaya. “We are also pleased to see continued growth and momentum in our OEM sales channel.”
Electrovaya’s ELivate lithium ion forklift battery line provides industry-leading cycle life, safety, energy and power.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) 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.