Repeat orders from existing customer
TORONTO, Dec. 30, 2019 /CNW/ - Electrovaya
Inc. ("Electrovaya" or the "Company") (TSX: EFL) (OTCQX: EFLVF)
today announced that it has secured new purchase orders worth
approximately US$4 million
(C$5.2 million) for forklift battery
systems, to be delivered by the end of the Company's
third fiscal quarter ending June 30,
2020. These purchase orders increase Electrovaya's order
backlog to approximately US$13
million (C$17 million). The
Company expects to complete deliveries on approximately
US$10.8 million (C$14 million) of orders by 30th June,
2020, barring unforeseen circumstances.
The new orders announced today are from an existing customer
currently operating Electrovaya batteries, and were received
through the Company's Original Equipment Manufacturer ("OEM")
distribution channel.
"These repeat purchase orders underscores customer satisfaction
with our forklift battery products," said Dr. Raj Das Gupta, Vice
President, Business Development at Electrovaya. "We are also
pleased to see continued growth and momentum in our OEM sales
channel."
Electrovaya's ELivate lithium ion forklift battery line provides
industry-leading cycle life, safety, energy and power.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs,
develops and manufactures proprietary lithium ion batteries,
battery systems, and battery-related products for energy storage,
clean electric transportation and other specialized applications.
Electrovaya is a technology focused company with extensive IP.
Headquartered in Ontario, Canada, Electrovaya has production facilities
in Canada with customers around
the globe.
To learn more about how Electrovaya is powering mobility and
energy storage, please explore www.electrovaya.com.
Forward-Looking Statements
This press
release contains forward-looking statements, including statements
that relate to, among other things, the ability to drive sales
through OEM channels and direct sales to customers, ability to
receive further purchase orders, ability to deliver on such
purchase orders and to do so in a timely manner, ability to
deliver backlog purchase orders and to do so in a timely manner
such that the orders are not cancelled, in particular ability to
deliver C$14 million of orders by
30th June, 2020, revenue forecasts, technology development
progress, plans for shipment using the Company's technology,
production plans, the Company's markets, objectives, goals,
strategies, intentions, beliefs, expectations and estimates, and
can generally be identified by the use of words such as "may",
"will", "could", "should", "would", "likely", "possible", "expect",
"intend", "estimate", "anticipate", "believe", "plan", "objective"
and "continue" (or the negative thereof) and words and expressions
of similar import. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed on such statements. Certain
material factors or assumptions are applied in making
forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ
materially from expectations include but are not limited to:
general business and economic conditions (including but not limited
to currency rates and creditworthiness of customers); Company
liquidity and capital resources, including the availability of
additional capital resources to fund its activities; that
significant price reductions on the purchase price of products may
apply in the case of late delivery; level of competition; changes
in laws and regulations; legal and regulatory proceedings; the
ability to adapt products and services to the changing market; the
ability to attract and retain key executives; and the ability to
execute strategic plans. Additional information about material
factors that could cause actual results to differ materially from
expectations and about material factors or assumptions applied in
making forward-looking statements may be found in the Company's
most recent annual information form under the heading "Risk
Factors" and annual and interim Management's Discussion and
Analysis under "Risk and Uncertainties" as well as in other public
disclosure documents filed with Canadian securities regulatory
authorities. The Company does not undertake any obligation to
update publicly or to revise any of the forward-looking statements
contained in this document, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE Electrovaya Inc.