on Electrovaya, Inc. (NASDAQ:ELVA)
Electrovaya Secures C$2 Million Funding from Canadian Government
Electrovaya Inc. has announced receiving a C$2 million investment from the Government of Canada. This funding, allocated through FedDev Ontario, aims to enhance automation, AI capabilities, and capacity at Electrovaya's Mississauga facility. The initiative is poised to advance the production of Electrovaya's Infinity Lithium Ion Battery technology.
Dr. Raj DasGupta, CEO of Electrovaya, expressed satisfaction with the non-dilutive funding, aiming to scale lithium-ion battery deployments for various applications, including robotics and locomotives, emphasizing safety and longevity. The investment aligns with Canada's goals to build a competitive electric vehicle sector and achieve net-zero emissions.
The Honourable Filomena Tassi highlighted Southern Ontario's growing electric vehicle sector, underscoring government support for companies like Electrovaya to fuel this growth.
R. E.
Copyright © 2024 FinanzWire, all reproduction and representation rights reserved.
Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.
Click here to consult the press release on which this article is based
See all Electrovaya, Inc. news