Electrovaya applies to list on NASDAQ

TORONTO — Electrovaya Inc., a lithium ion battery manufacturer, submitted an initial application to list its common shares on the Nasdaq Stock Market on Feb. 23.

The Company is pursuing a NASDAQ listing in order to enhance its investor profile, with the goal of attracting institutional and retail investors, furthering M&A opportunities, and increasing shareholder value.

Electrovaya currently earns the majority of its revenues from the United States. The Company’s lithium ion batteries are powering mission-critical electric lift trucks in approximately 48 locations, a majority of which are in the U.S. With the recent signing of a Strategic Sales Agreement with Raymond Corp., as well as Electrovaya’s UL2580 listing, the Company expects its battery sales to continue growing in the United States and other countries. In addition to its existing battery line for electric lift trucks, Electrovaya is also developing high voltage battery packs for electric buses and electric trucks.

Electrovaya is a technology-intensive company and holds more than 100 patents in lithium ion battery technology. This intellectual property is focused on subjects including ceramic separators, non-toxic electrode production, solid state batteries, cell design, high energy density electrodes, battery management systems, reduction of parasitic reactions, and system design.