Electrovaya Provides Update On Planned New York Gigafactory; Over 80% Of The First-Phase Facility Costs Expected To Be Covered By Government-Backed Debt
Portfolio Pulse from Happy Mohamed
Electrovaya Inc. (NASDAQ:ELVA) has provided an update on its planned gigafactory in Jamestown, New York. The first phase of construction is expected to cost around $48 million, with over 80% of this covered by government-backed debt. The company has also been awarded more than $10 million in incentives from various jurisdictions. The factory will produce Electrovaya's Infinity line of lithium-ion ceramic batteries. The company plans to begin battery system assembly at the factory in Q1 2024.
August 04, 2023 | 11:02 am
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Electrovaya's planned gigafactory, largely funded by government-backed debt, is expected to boost the company's manufacturing capabilities. However, the project's success is not guaranteed, which could impact the company's stock.
The news of the planned gigafactory and the significant government-backed funding could boost investor confidence in Electrovaya, potentially driving up the stock price. However, the company's note that there is no guarantee the project will succeed could introduce some uncertainty, potentially limiting the stock's gains.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100