Electrovaya Secures US$20 Million Credit Facility with Bank of Montreal to Fuel Growth and Enable EXIM Financing

Electrovaya Inc., a lithium-ion battery technology and manufacturing company, has finalized a credit agreement with the Bank of Montreal Corporate Finance for a senior secured asset-based lending facility. The facility includes a three-year term with US$20 million in revolving credit and an additional US$5 million expansion option. This agreement aims to lower Electrovaya's capital costs through reduced interest rates and fees, thereby bolstering its financial position for expansion. The facility supports Electrovaya's operations in both the United States and Canada and facilitates financing from the United States Export-Import Bank (EXIM) for manufacturing investments in Jamestown, New York. According to Dr. Raj Das Gupta, CEO of Electrovaya, the BMO facility improves working capital access and supports the company's U.S. and international growth plans, as well as enabling EXIM financing for vertically integrated lithium-ion battery manufacturing in the United States.