Electrovaya Announces Credit Facility Extension and Repayment of Promissory Note
Amendment extends C$16 million credit facility at a reduced interest rate calculation by 6 months with an option for a further 6 month extension under the same terms
TORONTO, ON / ACCESSWIRE / December 29, 2022 / Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, today announced it has amended its loan agreement with its lender. Key amendments include a reduction in the interest rate calculation by 1% and extension of the term by 6 months with an option for a further 6 months under the same terms. The fees for the 6 month extension are 0.5% of the facility and will be paid in shares.
Electrovaya has also repaid and closed its C$6 million promissory note with the same lender in November.
"We are happy to extend our partnership with our lender. They supported the business as it scaled in 2022 and will continue to do so into 2023." said John Gibson, CFO at Electrovaya.
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About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. Electrovaya is a technology-focused company with extensive IP, designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and NY State, USA, with customers around the globe. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com
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SOURCE: Electrovaya, Inc.
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