January 20, 2022, St. Petersburg, FL – Water Tower Research has published an Initiation of Coverage Report on Electrovaya Inc. (OTCMKTS: EFLVF TSX: EFL). The report focuses on the company’s key drivers, milestones, obstacles and opportunities, and industry megatrends.

“Lithium-ion batteries (LIBs) are gaining increased importance due to higher energy efficiency, longer life span, and higher density. As a result, LIBs are finding growing applications in industrial vehicles like forklifts, lift trucks, ground support applications, electric vehicles, stationary energy storage, and consumer electronics, among others, with Electrovaya well positioned to leverage this megatrend. Electrovaya is a research-intensive company with over two decades of experience. Management believes it has a unique, differentiating technology that delivers greater safety and greater longevity, without compromising energy and power, relative to other batteries commercially available today. The company has an IP portfolio of over 100 patents.  One of the key facets of the company’s technology is the belief their battery is a ‘million-mile’ item needed for e-vehicles that work long hours from 12-16 or even 24 hours a day. Data from Walmart and Raymond/Toyota indicate the extreme longevity of these batteries. “

Mr. Severson continued, “Management believes it has one of the best-performing commercially available batteries available on the market, but the company remains relatively undiscovered by most investors outside of Canada. Demonstrating the company’s progress and technology are its strategic relationships with major OEMs, and Electrovaya batteries are starting to be used by major materials-handling customers, including Walmart, Mars, Home Depot, and a large online retailer. There is also a robust opportunity to retrofit existing lithium-ion units from lead-acid batteries. The company also believes it has exceptional opportunities in buses and Class 3 trucks, and recently inked a supply agreement with Vicinity Motors. In addition, solid-state batteries (SSBs) present the second stage of growth and are a sea change technology under development by the company, with 2023 targeted for launch.”

The full report can be downloaded HERE.

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