Electrovaya's shares are poised to rally at the opening bell after the Canadian lithium-ion battery company brought in Amazon as an investor and they struck a commercial agreement.
In Wednesday's premarket trading in New York, the shares were 60% higher at $12.62. The shares last closed at C$11.06 on the Toronto Stock Exchange, down 15% over the last three months.
Electrovaya, which is looking to grow its U.S. business with a planned gigafactory at its existing site in New York, said the relationship with Amazon is expected to support the continued deployment of its battery technology in material handling operations and will potentially expanded engagement on robotics and energy storage.
As part of the agreement between the companies, Amazon will receive warrants to buy up to almost 13.9 million Electrovaya shares. These become fully vested when Amazon achieves cumulative future purchases of $280 million, with a portion of the warrants vesting immediately on the execution of the agreement.
Electrovaya, which operates two Canadian sites focused on research, engineering and product commercialization, said the pact with Amazon reflects confidence in the opportunities for its Infinity battery technology.
The systems currently under development combine the proprietary lithium-ion technology with high-power architectures for data center, industrial and logistics applications, the company said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
July 15, 2026 09:40 ET (13:40 GMT)
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