Electrovaya Inc. announced that it has executed a Strategic Supply Agreement with two leading affiliated OEM partners for material handling vehicles and other affiliates for the supply of battery systems. The new three-year agreement provides the two leading OEMs and other affiliated companies with branded lithium ion batteries that are UL 2580 Listed and compatible with most class I, II and III lift trucks as well as automated guided vehicles and robots. The new agreement supersedes a preceding agreement from December 2020 with just one of the OEM partners and includes a longer term with larger minimum purchases to maintain exclusivity. The battery systems will utilize the latest Electrovaya Infinity Battery Technology NMC-Ceramic based systems and provide a full integration with the OEM's vehicles.

This technology has demonstrated industry leading cycle life performance from both internal testing and through independent third-party laboratory testing.