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Electrovaya Shares Surge After Securing Amazon Deal for Infinity Battery Technology

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Electrovaya (ELVA.TO) is partnering with Amazon (AMZN) for the use of its infinity battery technology in Amazon's material handling operations. Its stock surged in early trading in Toronto and New York on Wednesday.

The agreement could potentially expand to include robotics and energy storage, the battery manufacturer said.

Amazon will receive warrants to purchase up to 13.9 million shares of Electrovaya, which become fully vested upon Amazon achieving cumulative future purchases of $280 million. A portion of the warrants vest immediately when the agreement is executed.

Electrovaya's energy storage systems are based on the infinity technology which has a perfect field safety record, enables reduced environmental footprint and lower total cost of ownership compared with conventional lithium-ion technologies, the company said.

Toronto-listed shares jumped 38% shortly after the opening bell to trade at C$15.18. On the Nasdaq they were also up 39% to almost $11 at last look.

Price: $16.21, Change: $+5.15, Percent Change: +46.56%

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