on Electrovaya, Inc. (NASDAQ:ELVA)
Electrovaya and Innovative Rail Technologies Enter into Strategic Supply Agreement for Battery Systems
Electrovaya Inc. has announced a significant Strategic Supply Agreement with Innovative Rail Technologies, LLC (IRT) to supply battery systems for electric rail applications. These battery systems will cater to varied rail operations, including industrial, ports, short line railroads, defense, and commuter rail.
The agreement covers Electrovaya's Infinity battery systems for IRT's electric locomotives. IRT focuses on electrifying locomotives using its advanced lithium-ion adaptive system, designed to meet specific customer needs. IRT has a robust pipeline of orders targeting different rail sectors.
Mike Nicoletti, Partner at IRT, expressed excitement about the collaboration, highlighting the safety and longevity benefits of Electrovaya's Infinity Lithium-Ion HV-Battery system. Raj DasGupta, CEO of Electrovaya, echoed this sentiment, emphasizing the partnership's potential for expanding market reach and enhancing sales.
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