Electrovaya and Sumitomo Corporation Power & Mobility Enter into Supply Agreement for Electrovaya Lithium Ion Battery Products

Sumitomo Corporation Power & Mobility, a 100% subsidiary of Sumitomo Corporation and Electrovaya have expanded their sales partnership with a formal supply agreement with the intention to supply battery modules to a leading Japanese construction equipment OEM

TORONTO, ON / ACCESSWIRE / April 29, 2024 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a lithium ion battery technology and manufacturing company, today announced the establishment of a Supply Agreement with Sumitomo Corporation Power & Mobility ("SCPM"), a 100% subsidiary of Sumitomo Corporation (8053). The Supply Agreement will initially cover the supply of battery modules to leading Japanese construction equipment manufacturers. The Supply Agreement will also be used for any subsequent contracts. Together, the partners have begun introducing Electrovaya battery products to multiple OEMs and potential customers, primarily in the Asia-Pacific region.

Foto: Accesswire

"We are excited to work with Electrovaya who has unique and specific character of Lithium Ion Battery products. We are ready to work together for our future growth with Electrovaya" said SCPM.

"We are very pleased with the growing relationship with Sumitomo Corporation Power and Mobility and are excited about the opportunities that we are jointly working towards," said Dr. Raj DasGupta, CEO of Electrovaya. "We believe that our competitive advantages with respect to safety and cycle life continue to provide a key benefit for heavy duty electrified applications. SCPM is well connected to major OEMs and customers and we believe the relationship greatly enhances the Company's sales reach and ability to serve these large market opportunities."

For more information, please contact:

Investor and Media Contact:

Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
[e-mail]
905-855-4618

Brett Maas
Hayden IR
[e-mail]
646-536-7331

About Sumitomo Corporation Power & Mobility Co., Ltd.

Sumitomo Corporation Power & Mobility Co., Ltd. is developing a wide variety of businesses around the world related to "building next-generation mobility systems and social infrastructure" by utilizing the abundant experience and know-how of the Sumitomo Corporation Group and its international network. Major businesses include the(1) Trade in automobiles / automobiles related products, rolling stocks, etc., and electric power project facilities, (2) Overseas automotive supply chain management, (3) Development and implementation of social infrastructure projects such as electric power and railroad, (4) Development of new business in the mobility field.