Electrovaya Signs $288 Million LOI

Electrovaya Signs $288 Million LOI
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Electrovaya Inc. (TSX: EFL) today announced that the company has signed a Letter of Intent with a leading Global Original Equipment Manufacturer for the delivery of battery modules for Residential Energy Storage to start delivery of electric bus batteries in Q1 of 2017. The value of the agreement is estimated to be worth $288 million over the course of three years.  Electrovaya shares surged over 35% to $2.65 on the news with above average volume of over 2,800,000 shares being traded.

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