Business
Electrovaya Announces Increase in Credit Facility to C$11 million and Extension of C$6 million Promissory Notes
TORONTO, ON / ACCESSWIRE / February 23, 2022 / Electrovaya Inc. ("Electrovaya" or the "Compa...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Announces Increase in Credit Facility to C$11 million and Extension of C$6 million Promissory NotesTORONTO, ON / ACCESSWIRE / February 23, 2022 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with differentiated intellectual property that allows heightened safety and improved longevity enabling industry-leading performance, today announced that its credit facility has been increased from C$7 million to C$11 million to support its sales growth. In addition, it has extended the term to maturity of its $6 million promissory notes with a Canadian financial institution from July 1, 2022 to December 21, 2022. As consideration for these amendments, Electrovaya has paid a renewal fee of C$400,000, paid in shares to the financial institution.\"We are very pleased with the essentially non-dilutive support our lender has provided to us,\" said Richard P Halka, Executive Vice President and CFO of Electrovaya. \"We believe the increased $11 million revolving credit facility will support our objective of about 130% revenue growth, for the 2022 fiscal year, barring unforeseen circumstances.\"For more information, please contact:Investor Contact:Jason RoyElectrovaya Inc.Telephone: 905-855-4618Email: [email protected] Electrovaya Inc.Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying the safest and longest-lasting lithium-ion batteries. Electrovaya is a technology-focused company with extensive IP, designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.Forward-Looking StatementsThis press release contains forward-looking statements, including statements that relate to, among other things, revenue and revenue growth forecasts and in particular the 130% revenue growth forecast for the fiscal year ending September 30, 2022 . Forward-looking statements can generally, but not always, be identified by the use of words such as \"may\", \"will\", \"could\", \"should\", \"would\", \"likely\",...