Electrovaya announced that it has received new purchase orders worth more than US $1.9 million (Cdn $2.4 million), bringing the total value of announced purchase orders received since the end of the 30 June 2018 quarter to US $3.2 million (Cdn $4.1 million). These orders are from the MHEV and Autonomous Guided Vehicles (AGV) sector which requires highest-quality batteries as the vehicles tend to operate for extended periods—up to 24 hours a day.
During Q3 2018, the Company entered into a binding agreement for the sale and leaseback of its Mississauga, Ontario headquarters for gross proceeds of Cdn $22.5 million. Proceeds will be used to pay down debt and for working capital purposes. The closing date for the sale has been extended to 22 October 2018.
Dr. Sankar Das Gupta, Electrovaya’s Chief Executive Officer, was recently invited to participate in a panel discussion attended by the Prime Minister of India, Narendra Modi and several of his ministers, regarding the energy transformation of India. The company noted that India could become one of the largest markets for lithium-ion batteries as electric vehicle adoption in the country increases and the government plans to generate increasing amounts of energy from solar and other intermittent renewable sources.