Dr. Raj DasGupta, Electrovaya CEO, U.S. Rep. Nick Langworthy, R-23, and John Gibson, Electrovaya chief financial officer, are pictured after a discussion about Electrovaya’s lithium ion battery technology and the company’s plans for its new Ellicott factory. Photo courtesy Electrovaya LinkedIn page

Electrovaya remains on pace to produce battery cells in Jamestown by next summer, while the company continues to add senior personnel at its now-operating plant at 1 Precision Way, Ellicott.

Dr. Raj DasGupta, Electrovaya CEO, told investor analysts this week that the company has placed nearly all of its key equipment purchases and has qualified material vendors for all of the materials needed to make Electrovaya’s lithium-ion cells. In preparation for the cell and module manufacturing plans, Electrovaya has thus far placed over $40 million worth of capital equipment orders. The capital for this investment will be drawn from a recently closed $51 million direct loan from the Export Import Bank of the United States (“EXIM”) under their Make More In America program.

Delivery of the capital equipment will begin late in calendar year 2025 with the full lithium ion cell and module commercial production set to commence in mid 2026. While preparing for 2026, Electrovaya has opened the Ellicott plant and begun manufacturing battery systems.

“We are excited to begin manufacturing operations for Electrovaya’s Infinity Battery systems here in Jamestown.” said Lee Gilmore, general manager of Electrovaya’s Jamestown Operations. “Our team continues to grow and gain experience in lithium ion battery system manufacturing and support the investments being made at this facility.”

Second quarter revenue totaled $15 million, a 40% increase from the $10.7 million in the second quarter of 2024. Adjusted EBITDA for the second quarter of 2025 was $2 million, the eighth consecutive quarter of positive adjusted EBIDTA. EBITDA, or earnings before income taxes, depreciation and amortization, is a measure of a company’s earnings before certain expenses and shows a company’s core profitability, providing a clearer picture of how well a business is performing financially, independent of how it’s structured.

Net profits for the second quarter of 2025 came in at $800,000, reversing an $800,000 loss the company posted in the second quarter of 2024. Total debt was $13.1 million, compared to $18.4 million in the prior year. Total availability in working capital facility is more than $10 million.

“In closing, Q2 reflects the beginning of a new growth phase for Electrovaya, one defined by consistent execution, profitability, and increased visibility into long-term scale,” DasGupta said. “Our strategy to develop U.S.-based manufacturing, coupled with supply chains that are primarily North American or from Japan and South Korea, appears to be a prescient decision today. I believe this provides Electrovaya an additional significant competitive advantage going forward. … In closing, we remain on track to exceed our $60 million in revenue for fiscal 2025, and with Jamestown advancing, we’re confident in our path to becoming a leading North American manufacturer for mission-critical battery applications.”

Electrovaya Inc. manufactures lithium-ion batteries with several proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Ellicott.

Adding the Jamestown-area site is key, DasGupta said in response to a question from an investor analyst, because company officials envision the Ellicott factory boosting even further Electrovaya’s profitability even further in future years. That could be especially true depending on what happens with President Donald Trump’s tariffs. Manufacturing in North America insulates Electrovaya from tariffs that could affect other lithium ion battery makers.

“So, the plan is that the Jamestown operations will support our growth,” DasGupta said. “So, they will be taking care of a certain portion of our targeted manufacturing goals over the next 12 months. That gets the team there very familiar with lithium-ion batteries, and specifically our batteries, and well-prepared for what happens afterwards, which is when the cell and module production starts up. So, that’s already in place. I think it benefits Electrovaya significantly in the fact that it provides us added capacity. So, instead of maybe adding a second shift here in Mississauga, we can have operations in both plants, meet our growing targets, and it really benefits us operationally. So, we’re seeing that. In terms of it attracting additional customers, I’m not sure just yet. I think the cell and module production that’s scheduled next year really is a piece that is attracting a lot of interest, because we’ll be one of very few lithium-ion battery plants that can support customers in North America.”