Electrovaya Inc. announced on November 14, 2024, that it secured a direct loan in the amount of US$50.8 million from the Export-Import Bank of the United States (EXIM). This significant financing was approved under EXIM's 'Make More in America' initiative.
The loan is specifically designated to fund the buildout of Electrovaya's battery manufacturing facility in Jamestown, New York. This includes covering equipment, engineering, and setup costs for the planned gigafactory.
This funding is a critical step in Electrovaya's strategy to expand its U.S. manufacturing footprint, enhance production capacity, and capitalize on domestic manufacturing incentives. The Jamestown facility is central to the company's plans for future growth and market diversification.
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