Electrovaya to build lithium-ion battery gigafactory in New York


After seeing strong demand for batteries to power all forms of e-mobility, Electrovaya is expanding production in New York, where it will move into a 137,000 square foot plant on a 52-acre campus in Jamestown for the production of cells and batteries.

One reason for the move into New York is the strong support the company has received from the state. Empire State Development (ESD) is assisting the project by providing up to $4 million of tax credits through the performance-based Excelsior Jobs Program, and $2.5 million of funding through the Regional Council Capital Fund Program. The gigafactory will be located in a former electronics manufacturing facility and is expected to create approximately 250 new jobs, with expected production of more than 1 GWh of battery and energy storage systems over the next five years.

“We are very pleased to have strong support from the State for this venture and expect to continue to find additional non-dilutive funding to support capital needs,” said Dr. Raj Das Gupta, CEO of Electrovaya.

New York Governor Hochul announced Monday that the company will set up its first U.S. plant in Chautauqua County.

“Thanks to state resources, Electrovaya is bringing up to 250 jobs to Chautauqua County and deepening New York’s involvement in the growing clean energy sector,” Governor Hochul said. “The race is one to capture the high-paying jobs that come with clean tech, and there is no place like New York for these manufacturers to grow, operate, and thrive.”

Electrovaya will also be eligible for other New York State funds, as well as U.S. federal funding from various agencies and programs. In July, the New York Power Authority Board of Trustees approved an allocation of more than 1.5 MW of hydropower under the Power Authority’s Industrial Economic Development program to meet the increased electric load resulting from the gigafactory. The final capital cost of the facility is estimated at approximately $75 million, and it is expected to open in phases starting late 2023.

Electrovaya recently announced a revenue update for the fourth quarter, indicating that preliminary unaudited revenue was $9.7 million or an increase of approximately 131% compared to the fiscal Q4 2021.

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