Electrovaya Inc. announced on March 10, 2025, that it closed a credit agreement with Bank of Montreal Corporate Finance for a senior secured asset-based lending facility of US$20.0 million. This facility has a three-year term and includes an accordion option for an additional US$5.0 million.
This new facility is designed to lower Electrovaya's cost of capital by reducing interest rates and fees, thereby strengthening its financial position for expansion. It replaces existing debt, optimizing the company's balance sheet.
The credit facility will support Electrovaya's growth plans across both its U.S. and Canadian operations. Crucially, it also enables the company to draw down on the previously approved US$50.8 million direct loan from the Export-Import Bank of the United States for its Jamestown manufacturing investments.
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