Contract Win Sends Shares Of Battery Technology Company Higher

By: Dylan Sikes – AllPennyStocks.com News

Thursday, March 6, 2025

Despite a broad market selloff, opportunities for growth still exist for those who know where to look.

One stock exhibiting strength today is Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA), a lithium ion battery technology and manufacturing company. The company’s shares are moving higher on the news that the Company has received orders from a second global construction OEM through their partnership with Sumitomo Corporation Power & Mobility ("SCPM"), a 100% subsidiary of Sumitomo Corporation.

This order is for high voltage battery systems for a leading global Japanese headquartered construction equipment manufacturer. The orders were placed under Electrovaya's existing Supply Agreement with SCPM and will be delivered in Japan in 2025.

"We are excited to have a second major construction equipment OEM win in addition to both overall increased traction in the Japanese market and expansion of new verticals for our products," said Dr. Raj DasGupta, CEO of Electrovaya. "We believe that our competitive advantages with respect to safety and cycle life continue to provide a key benefit for heavy duty electrified applications."

As mentioned, shares of ELVA on the TSX are currently trading up 5.8% at $3.10, while U.S. listed shares of ELVA are up 5.85% at $2.17.

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