Electrovaya Inc., a developer of advanced lithium-ion battery technology and manufacturing solutions, has entered into a commercial agreement and warrant transaction with Amazon. The collaboration is designed to accelerate the deployment of Electrovaya’s proprietary Infinity Battery Technology in Amazon’s material handling operations, with potential future applications in robotics and energy storage systems.
Electrovaya’s Infinity Technology is noted for its strong safety record, reduced environmental impact, and lower total cost of ownership compared to conventional lithium-ion systems. Current projects under development integrate Infinity chemistry with high-power architectures tailored for data centers, industrial facilities, and logistics applications. These hybrid designs aim to deliver enhanced safety features, extended cycle life, and rapid charging capabilities, meeting the demanding requirements of mission-critical operations.
Under the terms of the agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya. A portion of these warrants will vest immediately upon execution of the agreement, with the remainder vesting once Amazon completes cumulative purchases totaling US$280 million. The exercise price for the warrants is based on the five-day volume-weighted average price immediately prior to the agreement’s signing.
Electrovaya Chief Executive Officer Raj DasGupta stated, “Electrovaya’s Infinity Battery Technology has demonstrated real performance in demanding material handling environments, and this agreement with Amazon reflects our confidence in the opportunity ahead. We look forward to building on that foundation in other industrial applications where safety and longevity are critical.”
Electrovaya plans to file a material change report regarding these transactions with Canadian and U.S. securities regulators, with documentation available on SEDAR+ and EDGAR. The Toronto Stock Exchange has conditionally approved the listing of the common shares issuable under the warrants, subject to customary listing conditions. Full details of the warrant arrangements will be provided in the official transaction documents to be filed.
Source: Electrovaya press release
