Electrovaya Inc. announced that its credit facility has been increased from CAD 16 million to CAD 22 million, with uncommitted accordions up to CAD 4 million to increase the facility to CAD 26 million in the future. This facility will support the Company's working capital needs in connection with its continued sales and production growth. In addition, it has extended the term to maturity from March 31, 2024 to July 29, 2025.

The Company continues to work towards securing separate project financing to support its planned Jamestown, New York gigafactory.