Pictured is a slide featuring the Jamestown Gigafactory in a corporate presentation by Electrovaya. The factory is to be located in the former Acu-Rite location at 1 Precision Way, Ellicott.

Electrovaya’s new Jamestown manufacturing plant has an official name — the Gigafactory Plant.

The Post-Journal reported in July that the lithium-ion battery maker planned a 135,000 square-foot expansion project in Ellicott in the former Acu-Rite location at 1 Precision Way to tap into the robust lithium-ion battery demand for e-forklifts, e-trucks and e-buses. The sale of the property was reported recently in The Post-Journal as $5 million, with the building by Sustainable Energy Jamestown LLC of Mississauga, Ontario, Canada. It was sold by Heidenhain Corp., a foreign business corporation authorized to conduct business in New York state, as successor by merger of Acu-Rite Companies, Inc. and Acu-Rite Incorporated with an office in Lisle, Ill.

According to a Electrovaya corporate presentation, the Gigafactory Plant in West Ellicott will allow Electrovaya to reduce costs, increase exposure to United States markets and increase capacity for expected growth. The Ellicott plant’s location was also desirable because of its low-cost energy and ease of travel between Electrovaya’s Canadian headquarters and key U.S. customer bases.

Empire State Development (ESD) is assisting the project with up to $4 million through the performance-based Excelsior Jobs Tax Credit Program and $2.5 million in Regional Council Capital Funding to establish this production and manufacturing facility for lithium-ion batteries at a former manufacturing facility, leveraging the creation of 250 new jobs and the production of 1GWh of battery and energy storage devices over the next five years.

In July, the New York Power Authority (NYPA) Board of Trustees approved a more than 1.5-megawatt low-cost hydropower allocation to Jamestown under the Power Authority’s Industrial Economic Development program to meet the increased electric load resulting from Electrovaya’s Town of Ellicott expansion. The initial cost for the facility has been placed at approximately $75 million, and it is expected to open in the fall of 2023.

“Electrovaya’s revenues are over 95% from the U.S.,” Rajshekar Gupta, Electrovaya CEO and director, said during a third quarter earnings conference call in August. “And as previously announced, we plan to invest in manufacturing facilities in the U.S. to increase capacity and better servethis rapidly growing market. I am delighted that President (Joe) Biden is poised to sign the historic climate bill to supercharge clean energy, a $369 billion expenditure in climate and energy provisions, and that means batteries and batteries and batteriese verywhere.”

The company also announced a revenue update for the fourth quarter and its 2022 fiscal year that ended Sept. 30. Preliminary unaudited revenue for the fourth quarter of 2022 was $9.7 million, an increase of 131% compared to the fiscal fourth quarter ended September 30, 2021. Preliminary unaudited revenue for 2022 revenue was $19.5 million, an increase of 68% compared to the fiscal year ended September 30, 2021.

Electrovaya expects revenue to grow to $42 million in 2023.

“The fourth quarter was a record-breaking period for Electrovaya,” said John Gibson, Electrovaya CFO. “The team consistently met production targets and customer demands. Were it not for some minor supplier delays late in the quarter, we would have generated even higher revenue. We expect this strong momentum to continue in our 2023 fiscal year, resulting in significant revenue growth.”