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Shares in Lithium-Ion Battery Company Electrovaya Soar After Amazon Deal
Amazon will get warrants that vest with US$280 million in purchases, and full exercise would give it 20.6% of Electrovaya shares.
- On Wednesday, lithium-ion battery maker Electrovaya Inc. announced a commercial agreement and warrant transaction with Amazon, sending shares spiking nearly 50 per cent.
- Amazon, already Electrovaya's largest customer accounting for roughly one-third of its US$63.8-million fiscal 2025 revenue, deepened ties with the 130-person company supplying electrified warehouse batteries.
- Amazon will receive warrants to purchase up to 13,880,345 common shares that gradually vest upon US$280 million in cumulative purchases, potentially giving the tech giant a 20.6 per cent stake.
- Trading on the Toronto Stock Exchange, Electrovaya shares climbed C$5.36 to C$16.42, extending a rally that has tripled the stock since end of 2024.
- CEO Raj DasGupta said the company aims to expand manufacturing at a 52-acre Jamestown, New York site planned as its first gigafactory, with revenue forecast to surpass US$83 million this year.
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The share price of Electrovaya, a lithium-ion battery manufacturer, jumped by almost 50% after the announcement of an agreement with Amazon that could see the technology giant acquire a significant stake in the company.
·Montreal, Canada
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The Toronto Star+7 Reposted by 7 other sources
Shares in lithium-ion battery company Electrovaya soar after Amazon deal
TORONTO - Shares of lithium-ion battery company Electrovaya Inc. spiked nearly 50 per cent after it announced a deal with Amazon that could see the tech giant take a large
·Toronto, Canada
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Coverage Details
Total News Sources18
Leaning Left8Leaning Right1Center4Last UpdatedBias Distribution61% Left
Bias Distribution
- 61% of the sources lean Left
61% Left
L 61%
C 31%
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