Electrovaya Secures $6.3 Million Order from Fortune 100 E-commerce Giant

Electrovaya ( (TSE:ELVA) ) just unveiled an update.

Electrovaya Inc. has secured an additional US$6.3 million order from a Fortune 100 e-commerce company in the United States, bringing the total orders from this customer to over $16 million for the fiscal year. The batteries will be used to power material handling electric vehicles across multiple distribution centers, with further orders anticipated. This development underscores Electrovaya’s role in providing clean and sustainable energy solutions and strengthens its position in the market for lithium-ion battery technology.

The most recent analyst rating on (TSE:ELVA) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Electrovaya stock, see the TSE:ELVA Stock Forecast page.

Spark’s Take on TSE:ELVA Stock

According to Spark, TipRanks’ AI Analyst, TSE:ELVA is a Neutral.

Electrovaya’s strong revenue growth, improved cash flow, and strategic expansions are key strengths, balanced by high debt levels and negative net margins as significant risks. Positive technical momentum and strategic corporate events support a favorable outlook, though valuation concerns and execution risks remain.

To see Spark’s full report on TSE:ELVA stock, click here.

More about Electrovaya

Electrovaya Inc. is a leading company in the global energy transformation industry, specializing in the design, development, and manufacturing of safe and long-lasting lithium-ion batteries. The company focuses on energy storage and heavy-duty electric vehicles, leveraging its proprietary Infinity Battery Technology Platform. Headquartered in Ontario, Canada, Electrovaya operates two sites in Canada and is planning a gigafactory in New York state.

Average Trading Volume: 16,867

Technical Sentiment Signal: Buy

Current Market Cap: C$168M

For detailed information about ELVA stock, go to TipRanks’ Stock Analysis page.