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Electrovaya Closes $50.8 Million Direct Loan with Export-Import Bank of the United States ("EXIM") to Expand U.S. Battery Manufacturing
Funding Under EXIM‘s Make More in America Initiative to Fuel Expansion of Electrovaya's Ja...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Closes $50.8 Million Direct Loan with Export-Import Bank of the United States (“EXIM”) to Expand U.S. Battery ManufacturingFunding Under EXIM‘s Make More in America Initiative to Fuel Expansion of Electrovaya's Jamestown Battery Manufacturing FacilityCombination of EXIM Funding with $20 million BMO Credit Facility and $12 Million Equity Capital from December 2024 Provides Electrovaya with Over $80 million for Aggressive U.S. ExpansionElectrovaya has Met Substantially All Condition Precedent Requirements to Drawdown on the EXIM Facility JAMESTOWN, NEW YORK / ACCESS Newswire / March 10, 2025 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, is pleased to announce that it has closed a direct loan in the amount of US$50.8 million from the Export-Import Bank of the United States (\"EXIM\") under the bank's ‘Make More in America' initiative. The Company has also met substantially all of EXIM's condition precedents required to begin drawdowns on the loan. This financing will fund Electrovaya's battery manufacturing buildout in Jamestown, New York including equipment, engineering and setup costs for the facility. Electrovaya has rapidly increasing demand for its products from a wide range of heavy duty and mission critical electrified applications, and it has been a priority of the Company to expand its manufacturing operations in the United States for these vital products. The Company's manufacturing facility in Jamestown is scheduled to produce Electrovaya's proprietary Infinity lithium-ion ceramic cells, which offer industry leading longevity and safety.The battery manufacturing facility in Jamestown is expected to lead to over 250 jobs and support Electrovaya's exports to Japan, Canada and Australia. Furthermore, the facility will both benefit from and help support developing supply chains in the US for lithium-ion battery production.Key Features of the Agreement:Loan Amount: $50.8 millionTerm: Six years following drawdown period including one year of interest only payments followed by five years of interest and principal payments.Effective Interest Rate: To be finalized prior to the first disbursement but expected to be between 6 and 7 percent annualized.Use of Proceeds: $46.4 million for lithiu...