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Electrovaya's growth – which includes the opening of a new factory in Ellicott – has landed the Canadian company on Deloitte's Technology Fast 50 list for Canadian companies.
Electrovaya was fourth on the Canadian Technology Fast 50 list in the Enterprise – Industry Leaders category, which recognizes public and private companies in the technology sector that are transforming industry. The award recognizes the fastest-growing enterprise-level technology, media, and telecommunications companies by revenue growth percentage over their last four years of operation. This category is open to companies that recorded a minimum revenue of $10 million in 2021 and $50 million in 2025.
“The Enterprise--Industry Leaders exemplify the enduring strength and proven success of Canada’s business landscape,” said Amanda Perran, National Technology Fast 50 program co-leader at Deloitte Canada. “With a longstanding track record of achievement and resilience, they continue to set the standard for excellence, driving sustainable growth and inspiring progress across Canadian technology.”
Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown, New York for its planned gigafactory. Electrovaya revenue has increased 354% over the past four years, with this marking Electrovaya's fourth consecutive appearance on Deloitte's Technology Fast 50 ranking.
"We are proud to be recognized by Deloitte's Technology Fast 50 program for the fourth consecutive year, and for the second consecutive year in the Enterprise category," said Dr. Raj Das Gupta, chief executive officer of Electrovaya. "This recognition reflects our continued growth, driven by increasing adoption of Electrovaya's Infinity Battery Technology, an industry-leading innovation that delivers substantial improvements in safety and longevity, two key performance metrics for mission-critical electrified applications. We continue to see growing interest from sectors including material handling, robotics, defense, and AI data center infrastructure, and our planned expansion in Jamestown, New York, positions us to meet that demand."
Company officials said Wednesday that Electrovaya has entered into a strategic supply agreement with Janus Electric Holdings Limited. Janus is making a $26 purchase order for Electrovaya's lithium-ion battery systems to meet initial demand for Janus products in the United States and Canada. As part of the strategic alignment, Electrovaya has entered into a term sheet to invest $1.4 million into Janus in exchange for up to 4.2 million shares, together with up to 6.3 million warrants. Janus has been a customer of Electrovaya’s since 2025.
The deal is similar to a stock warrant deal Electrovaya announced earlier with Amazon. As part of the earlier agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya, which become fully vested upon Amazon achieving cumulative future purchases of $280 million, with a portion of the warrants vesting immediately upon execution of the agreement, and an exercise price based on the five -day volume weighted average trading price immediately prior to the date of the agreement.
Unaudited revenue for the fiscal year ended Sept. 30, 2026, is expected to be a record and within previously issued guidance of $71 million of normalized revenue, despite what company officials said are macroeconomic headwinds in core markets. Audited financial information is expected to be released in early December.
Electrovaya officials also gave a glimpse forward into 2027 during an October business update. Jamestown lithium-ion cell, module and pack manufacturing is expected to begin full production in 2027 while the ElvaPulse product line is expected to be up and running as well.