Electrovaya commences drawdown on loan facility

Electrovaya (ELVA) commenced drawdowns on its $50.8M EXIM debt Facility which is tied to capital and engineering expenses at its Jamestown, NY facility. Further drawdowns are expected to occur regularly over the next 12 months. Some high level details of the Facility are provided below: Interest Rate : Fixed 4.90%; Term: 6.5 years. Repayments: Following initial draw: 6 months of no payments; 12 months of interest only payments; 60 months of interest and principal payments. The Company continues to make progress with its Jamestown battery manufacturing site construction. Some recent progress includes the following: The EXIM Facility drawdowns will be utilized to pay suppliers as construction and equipment manufacturing milestones are achieved Electrovaya in collaboration with its lead equipment providers have completed the design reviews of assembly processes and equipment. These are customized to the requirements of Electrovaya’s Infinity lithium-ion technology The Company has collaborated closely with key equipment vendors and third-party consulting firms, and has successfully completed the initial engineering, site, and building planning stages. The Company recently added a senior engineering lead, Marvin Lee, to support efforts to manufacturing setup in Jamestown, New York as well as supporting overall operations. His background includes over a decade in engineering and development at leading global automotive companies including GM and Renault, as well as more than 10 years specializing in the design, development, and process engineering of GWh scale battery manufacturing at LG Energy Solution. The Company is also hiring additional engineering staff in Jamestown to support manufacturing and equipment setup. This includes a recent hire of an automation engineer. Prof. Donald Sadoway has stepped down from the Company’s Board of Directors stemming from a potential conflict of interest with one of his other affiliations. While Prof. Sadoway recently joined the board, subsequent events presented the conflict for him in continuing in the role.