Electrovaya Inc. ('Electrovaya' or the 'Company') (TSX: EFL; OTCQB: EFLVF), a lithium-ion battery manufacturer with industry-leading performance, today announced that it has closed an agreement with a Canadian financial institution to increase its revolving credit facility from C$1.5 million to C$4.5 million.
The facility will support fulfillment of purchase orders.
Electrovaya also has a C$10 million non-revolving credit facility from the same financial institution. More than C$4 million of this debt has been paid down from operating cash flow over the last four months, bringing the outstanding balance to approximately C$6 million.
The Company is also providing the following updates: Revenue for the fiscal third quarter ended June 30, 2020 is expected to be approximately double the total reported in the fiscal second quarter, as previously disclosed, barring unforeseen circumstances.
To date, Electrovaya has shipped more than 700 lithium ion battery systems for use in material handling electric forklifts, and more than 1,000 batteries for automated guided vehicles.
The Company's products are critical to the food, grocery and other critical supply chain and Electrovaya continues to operate despite the headwinds and challenges of the COVID-19 pandemic.
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