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Electrovaya Secures $6.3 Million Order from Fortune 100 Customer for Electric Vehicles.
ByAinvest
Tuesday, Jun 3, 2025 7:06 am ET1min read
Electrovaya has received a $6.3 million purchase order from a Fortune 100 e-commerce company for lithium-ion batteries to power material handling electric vehicles in distribution centers. This is a follow-on order from the same customer, with a cumulative total of over $16 million this fiscal year. Additional orders are expected later in the year.
Electrovaya (NASDAQ/TSX: ELVA) has received a new purchase order worth $6.3 million for lithium-ion batteries through its OEM sales channel. The order comes from a Fortune 100 e-commerce company that will utilize the batteries to power material handling electric vehicles in multiple distribution centers across the United States. This latest order brings the customer's total purchases during the current fiscal year to over $16 million [1].The end user will now have more than 2,500 Infinity batteries deployed across 40+ distribution centers in three countries spanning two continents. The company anticipates additional orders from the same customer for other sites later in the year [1].
The growth of the lithium-ion battery market is driven by the increasing demand for electric vehicles (EVs) and renewable energy storage. According to a recent report, the battery production machine market is anticipated to reach $19.67 billion by 2032, growing at a CAGR of 20.10% during the period from 2024 to 2032 [3].
Electrovaya's latest order is a testament to the growing demand for high-quality lithium-ion batteries in the logistics and e-commerce sectors. The company's ability to secure follow-on orders from a major Fortune 100 company suggests strong market positioning and customer satisfaction [1].
References:
[1] Electrovaya receives additional US$6.3 million order for Fortune 100 e-commerce company - https://www.stocktitan.net/news/ELVA/electrovaya-receives-additional-us-6-3-million-order-for-fortune-100-dvnz1ap14790.html
[3] Battery Production Machine Market to Reach USD 19.67 Billion by 2032 - https://www.globenewswire.com/news-release/2025/06/02/3091968/0/en/Battery-Production-Machine-Market-to-Reach-USD-19-67-Billion-by-2032-Driven-by-the-Rising-Demand-for-Electric-Vehicles-and-Renewable-Energy-Storage-SNS-Insider.html
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