Raymond and Electrovaya Announce Strategic Supply Agreement

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Toronto, Ontario– December 18th, 2020 – Electrovaya Inc. (“Electrovaya”) (TSX:EFL) (OTCQB:EFLVF) and The Raymond Corporation (“Raymond”) today announced that they have completed a Strategic Supply Agreement for the supply of battery systems for Raymond’s Energy Essentials Battery line. The agreement provides Raymond with exclusively distributed Raymond branded lithium-ion batteries that are UL 2580 Listed and compatible with most class I, II and III Raymond lift trucks. The battery systems utilize the latest Electrovaya NMC Ceramic lithium-ion battery technologies and provide a full integration with the Raymond vehicles. “Our decision to collaborate with Electrovaya as a strategic supplier followed many months of rigorous engineering and testing activities. Energy Essentials distributed by Raymond enables a complete and unique integration between the truck and battery, giving full visibility to operational data elements including state-of-charge” said Jennifer de Souza, Senior Director of Energy Solutions, Procurement and Leasing for The Raymond Corporation. “Engineered to excel in tough material handling applications, these lithium-ion solutions provide our customers with significant productivity enhancements, including increased uptime and reduced electricity costs.” “We are excited with the advancement of our relationship with The Raymond Corporation and this agreement supersedes our existing 2019 sales agreement. These battery systems, when paired with Raymond material handling equipment, have the potential to increase energy and greenhouse emission savings for customers, especially those with multi-shift operations.” said Rajshekar Das Gupta, Vice President Technology and Business Development, at Electrovaya. “From a commercial standpoint, Raymond’s sales reach and ability to service and support a large range of customers, increases the potential distribution of these battery systems.” For more information, please contact: Jason Roy, Director Investor Relations and Communications Electrovaya Inc. 905-855-4618 jroy@electrovaya.com About The Raymond Corporation The Raymond Corporation is a leading global provider of best-in-class material handling products and intelligent intralogistics solutions. Built on principles […]