on Electrovaya, Inc. (NASDAQ:ELVA)
Electrovaya Forms Supply Agreement with Sumitomo Corporation Power & Mobility
Electrovaya Inc., a lithium ion battery technology firm, today confirmed a new supply agreement with Sumitomo Corporation Power & Mobility, a subsidiary of Sumitomo Corporation. The agreement aims to supply battery modules to major Japanese construction equipment manufacturers.
This partnership promises to enhance Electrovaya's market reach within the Asia-Pacific region, as both companies focus on the heavy-duty electrified applications market. The initial agreement will cater to leading construction equipment OEMs in Japan, with potential for extending the scope in future contracts.
Comments from leadership of both companies reflect a strong mutual commitment to leverage Electrovaya's distinctive battery technology for growth in the mobility and power solutions sector. Dr. Raj DasGupta, CEO of Electrovaya, highlighted the safety and longevity of their products as key competitive advantages that this partnership capitalizes on.
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