Largest single order for lift truck batteries completed to date and reducing environmental footprint in Distribution Centres
Toronto, Ontario – September 1, 2020 – Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL; OTCQB: EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, announced that it has completed deliveries of all batteries to Walmart Canada for two distribution centers.
The order is the single largest that Electrovaya has received for lift truck batteries to date. Walmart Canada is using the batteries to power forklifts at two of its distribution centres. Electrovaya now has three distribution centres in which the materials handling vehicles are fully powered by Electrovaya’s lithium ion batteries.
Electrovaya secured a C$5.5 million credit facility from a Canadian financial institution in order to complete deliveries on this order and this has been repaid in full.
Mitigating climate change is one of Walmart’s biggest sustainability priorities. Electrovaya’s lithium ion batteries have high energy efficiency over other standard non-lithium ion methods of powering lift trucks, allows off peak charging, hence reducing the environmental footprint of distribution centres.
For more information, please contact:
Investor Contact:
Jason Roy Director, Investor Relations & Communications
Electrovaya Inc.
905-855-4618
jroy@electrovaya.com
Media Contact:
Peter Koven
Bay Street Communications
Telephone: 647-496-7857
Email: peterkoven@baystreetcommunications.com
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQB: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, revenue forecasts and in particular the revenue forecasts for the fiscal year ending September 2020 and the calendar year ending December 31, 2020, delivery to Walmart and possibility of future order from Walmart, ability to environmental improvements in distribution centers in general and Walmart’s distribution centers in particular, ability to repay debts to financial institutions, mitigating climate change in distribution centers and increasing sustainability in distribution centers including Walmart’s distribution center, ability for Electrovaya’s lithium ion batteries to have high energy efficiencies over other standard nonlithium ion methods of powering lift trucks, the future direction of the Company’s business and products, the effect of the ongoing global COVID-19 public health emergency on the Company’s operations, its employees and other stake holders, including on customer demand, supply chain, and delivery schedule, the Company’s ability to source supply to satisfy demand for its products and satisfy current order volume, technology development progress, pre-launch plans, plans for product development, 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 forwardlooking 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: that current customers will continue to make and increase orders for the Company’s products, and in accordance with communicated intentions, that the Company’s alternate supply chain will be adequate to replace material supply and manufacturing, that the Company’s interpretation of the effect of any comfort given to Litarion’s auditors of the Company’s financial support for Litarion’s operations is correct, and that Litarion’s insolvency process will proceed in an orderly fashion that will satisfy Litarion’s debt without a significant negative effect on the Company or its assets, actions taken by creditors and remedies granted by German courts in the Litarion insolvency proceedings and their effect on the Company’s business and assets, negative reactions of the Company’s existing customers to Litarion’s insolvency process, 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, 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, the granting of additional intellectual property protection, 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 Annual Information Form for the year ended September 30, 2019 under “Risk Factors”, and in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Qualitative And Quantitative Disclosures about 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.
Revenue forecasts herein constitute future‐oriented financial information and financial outlooks (collectively, “FOFI”), and generally, are, without limitation, based on the assumptions and subject to the risks set out above under “Forward‐Looking Statements”. Although management believes such assumption to be reasonable, a number of such assumptions are beyond the Company’s control and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. FOFI is provided for the purpose of providing information about management’s current expectations and plans relating to the Company’s future performance, and may not be appropriate for other purposes.
The FOFI does not purport to present the Company’s financial condition in accordance with IFRS, and it is expected that there may be differences between actual and forecasted results, and the differences may be material. The inclusion of the FOFI in this news release disclosure should not be regarded as an indication that the Company considers the FOFI to be a reliable prediction of future events, and the FOFI should not be relied upon as such.