Electrovaya Secures $20M Credit Facility from Bank of Montreal

Electrovaya Inc. has announced a new credit facility agreement with the Bank of Montreal Corporate Finance, worth US$20 million over a three-year term. The agreement includes an option to expand by US$5 million to support future growth. This facility replaces existing debt, offering Electrovaya lower servicing costs and strengthening its financial position.

The new financing arrangement will support operations in both the United States and Canada. Additionally, it enables financing from the United States Export-Import Bank for manufacturing investments in Jamestown. This facility aims to enhance Electrovaya’s growth plans while reducing the cost of capital through lowered interest rates and fees.

CEO Dr. Raj Das Gupta expressed satisfaction with the agreement, highlighting its role in improving access to working capital and supporting international expansion. The initiative is part of Electrovaya's strategy to drive the adoption of its lithium-ion battery technology.