Electrovaya Announces Completion of Public Offering

TORONTO, ON / ACCESSWIRE / December 18, 2024 / Electrovaya Inc. (“Electrovaya” or the “Company”) (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, is pleased to announce in connection with its previously completed public offering of 5,175,000 common shares in the capital of the Company (the “Common Shares”) at the price of US$2.15 per Common Share (the “Offering Price”) for gross proceeds of approximately US$11.1 million (the “Offering”) that Roth Capital Partners, acting as sole book-running manager, and Raymond James Ltd. and Craig-Hallum Capital Group LLC acting as the co-lead book-running managers in the Offering, have purchased an additional 776,250 Common Shares at the Offering Price, for additional gross proceeds to the Company of US$1,668,937.50, before deducting the underwriting commissions, pursuant to their exercise in full of the over-allotment option (the “Over-Allotment Option”).

Expanding Technology and Manufacturing Capacities

With the additional funds raised through the public offering and the exercise of the Over-Allotment Option, Electrovaya will be able to further expand its lithium-ion battery technology and manufacturing capacities. This will allow the company to meet the growing demand for energy storage solutions in various industries, including electric vehicles, renewable energy integration, and grid stabilization.

Impact on Individuals

For individual consumers, the advancement of Electrovaya’s battery technology could translate to more efficient and longer-lasting products, such as smartphones, laptops, and electric vehicles. This could result in cost savings in the long run and a more sustainable lifestyle for those who are environmentally conscious.

Global Effect

On a global scale, the expansion of Electrovaya’s manufacturing capabilities could contribute to the transition towards a cleaner and greener future. By providing more efficient energy storage solutions, the company can help reduce reliance on fossil fuels and accelerate the adoption of renewable energy sources, ultimately combating climate change on a larger scale.

Conclusion

Electrovaya’s successful public offering and the exercise of the Over-Allotment Option mark a significant milestone for the company’s growth and innovation in the lithium-ion battery industry. With a strengthened financial position, Electrovaya is well-positioned to drive technological advancements that have the potential to benefit both individuals and the world as a whole.