Electrovaya Secures $50.8 Million Loan from EXIM for U.S. Battery Expansion

Electrovaya Inc. has closed a $50.8 million direct loan with the Export-Import Bank of the United States. The funding, part of EXIM's 'Make More in America' initiative, supports Electrovaya's expansion of its Jamestown, New York battery manufacturing facility. This loan is part of a broader $80 million initiative, combining additional resources from a $20 million BMO credit facility and $12 million equity capital.

The loan will finance equipment, engineering, and setup costs. Electrovaya is focusing on increasing production of its Infinity lithium-ion ceramic cells, renowned for longevity and safety. The expansion is expected to create over 250 jobs and enhance exports to Japan, Canada, and Australia.

The financing terms include a six-year loan period with an effective interest rate of 6-7%. The company plans to commence commercial shipments in 2026. The Jamestown facility leverages renewable hydroelectric power, aligning with Electrovaya's growth strategy and sustainability goals.