Electrovaya moves to new corporate head office
By Kavita Sabharwal-Chomiuk
Electrovaya Inc. recently announced plans to move to a new corporate head office from 2645 Royal Windsor Drive in Mississauga, Ont. to 6688 Kitimat Road, also in Mississauga. The move is expected to be completed by Dec. 2, 2019.
The move places Electrovaya’s HQ closer to the head offices of some of its key customers, and closer to several distribution centres where Electrovaya’s lithium ion batteries are currently in use. The new facility is being optimized to “support significantly higher rates of production for the company’s ELivate line of forklift batteries in order to meet growing demand.”
Electrovaya has also provided the following business updates:
- Electrovaya’s order backlog currently exceeds $13 million.
- In order to fulfill the growing volume of customer purchase orders, Electrovaya has secured a $7 million credit facility from a Canadian financial institution.
- Electrovaya is targeting completion of deliveries for the recently announced Walmart Canada orders in the quarter ending March 31, 2020, and anticipates a positive EBITDA for that quarter barring unforeseen circumstances.
- The Raymond Corporation’s dealer network has become Electrovaya’s second largest customer.
- Electrovaya’s lithium ion batteries are powering electric forklifts in approximately 26 industrial locations, primarily in the United States, Canada and Mexico.
According to Dr. Sankar Das Gupta, CEO of the company, Electrovaya batteries align with the company’s customers’ priorities, such as environmental social governance, climate change mitigation and improving energy efficiency. “For example, using a fleet of 500 electric forklift trucks, about 50,000 Tons of CO2 emission is expected to be eliminated over 5 years, compared to fossil fuel powered forklifts (extrapolating from the EPRI data1).”