Hiring continues at Electrovaya’s plant in Ellicott as the company continues buildout of the plant as the company spends down a $50.8 Export-Import Bank loan for the facility.

Initial projections were for Electrovaya to bring about 250 jobs to the former Acu-Rite plant at 1 Precision Way, Ellicott. After a first round of hiring to get the plant up and running making battery systems. Full employment at the plant will come when battery cell production begins – and that time is coming soon.

“We are hiring people right now,” said Raj Gupta, Electrovaya CEO. “So, about six months ago, we hired a senior individual from LG Chem, who was closely involved with one of their large-scale giga plants. And more recently, we’ve started hiring other employees. Some will be located at the site who have experience with other battery manufacturing sites in the United States, some of which may have been closed down. We are also hiring great talent. There’s a long list of folks we’re in process of giving offers to, and it seems to be an opportune time to bring in these types of individuals. If we were building this plant a year ago, it would have been much harder to find this level of talent that we’re seeing in the market today.”

The Jamestown area expansion comes as the company announced first quarter revenues of $15.5 million, a 39% increase from $11.1 million in revenue for the first quarter of 2025. Adjusted EBITDA was $2 million, compared to $500,000 in the first quarter of 2025, an increase of $1.4 million, or 265%. It’s Electrovaya’s 11th consecutive quarter of positive Adjusted EBITDA. EBITDA a financial metric used to evaluate a company’s core operating performance by excluding non-operating expenses and non-cash items. Net profit was $1 million in the first quarter of 2026 compared to a net loss of $400,000 in the first quarter of 2025, an increase of $1.4 million.

Central to the expansion is Electrovaya’s Ellicott plant, which opened last April. The company received a $50.8 million Export-Import Bank funding that is tied to capital and engineering expenses at the 1 Precision Way, Ellicott, plant. That funding is being used to pay suppliers as construction and equipment manufacturing milestones are achieved. Work is continuing but will ramp up through the end of Electrovaya’s fiscal year in September.

“Finally, regarding our Jamestown expansion, we have commenced both interior and exterior facility upgrades,” said Dr. Raj Gupta, Electrovaya CEO. Initial dry room equipment required for cell manufacturing has been delivered, and we’ve begun hiring key personnel to support equipment installation and automation activities. This expansion remains a critical component to our strategy to increase capacity and support domestic production.”

Electrovaya officials said they anticipate continued growth throughout the 2026 fiscal year, which ends in September, with estimated revenue growth to grow more than 30% compared to 2025 driven by sustained demand from the company’s largest end users of material handling batteries and its entry into additional markets.

Growth is being driven by continued progress across the company’s new OEM-integrated high-voltage battery systems scheduled to begin deliveries in March 2026, deliveries made during the quarter to a global defense contractor for a new vehicle platform, expanding Electrovaya’s supply relationship to two distinct applications with the contractor; deliveries to robotic applications in January 2026 using the company’s latest modular 48V battery system.

Further growth is expected once the Ellicott facility construction is complete.

“All along, we were anticipating Jamestown, especially at the cell level, contribution starting from fiscal ’27,” Gupta said in response to an analyst’s question. “So fiscal ’26 for us ends on September 30, and there will be no cell contribution to revenue. Battery systems, on the other hand, that’s different. We will, you will likely see, some revenue generation out of that plant in our fiscal fourth quarter, both probably on a module and system side of things.”