Business
Electrovaya Commences Drawdown on Export-Import Bank of the United States ("EXIM") Loan Facility and Provides a Business Update
TORONTO, ON / ACCESS Newswire / September 17, 2025 / Electrovaya Inc. ("Electrovaya" or the "C...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Commences Drawdown on Export-Import Bank of the United States (\"EXIM\") Loan Facility and Provides a Business Update TORONTO, ON / ACCESS Newswire / September 17, 2025 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, today announced that it has commenced drawdowns on its $50.8 million EXIM debt Facility (\"Facility\") which is tied to capital and engineering expenses at its Jamestown, NY facility. Further drawdowns are expected to occur regularly over the next 12 months. Some high level details of the Facility are provided below:Interest Rate : Fixed 4.90%Term: 6.5 years.Repayments: Following initial draw: 6 months of no payments; 12 months of interest only payments; 60 months of interest and principal payments. Jamestown Battery Manufacturing Site Construction UpdateThe Company continues to make progress with its Jamestown battery manufacturing site construction. Some recent progress includes the following:The EXIM Facility drawdowns will be utilized to pay suppliers as construction and equipment manufacturing milestones are achievedElectrovaya in collaboration with its lead equipment providers have completed the design reviews of assembly processes and equipment. These are customized to the requirements of Electrovaya's Infinity lithium-ion technologyThe Company has collaborated closely with key equipment vendors and third-party consulting firms, and has successfully completed the initial engineering, site, and building planning stages.Personnel UpdatesThe Company recently added a senior engineering lead, Marvin Lee, to support efforts to manufacturing setup in Jamestown, New York as well as supporting overall operations. Mr. Lee is an accomplished executive with more than 25 years of professional experience. His background includes over a decade in engineering and development at leading global automotive companies including GM and Renault, as well as more than 10 years specializing in the design, development, and process engineering of GWh scale battery manufacturing at LG Energy Solution (LGES). He holds a bachelor's degree in Materials Engineering and offers extensive expertise and practical knowledge in delivering high-quality engineering solutions.The Company is also hiring additional engineering staff in Jamestown to ...