Electrovaya signs commercial deal with Amazon, issues warrants

Electrovaya Inc. (NASDAQ: ELVA) announced a commercial agreement and a warrant transaction with Amazon (NASDAQ: AMZN), according to a press release issued July 15, 2026.

Under the agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya. The warrants become fully vested when Amazon reaches cumulative purchases of $280 million. A portion of the warrants vest immediately upon execution of the agreement. The exercise price is based on the 5-day volume weighted average trading price immediately prior to the agreement date.

The agreement covers the deployment of Electrovaya's Infinity Battery Technology in material handling operations, with potential expanded engagement in robotics and energy storage.

"Electrovaya's Infinity Battery Technology has demonstrated real performance in demanding material handling environments, and this agreement with Amazon reflects our confidence in the opportunity ahead," said Raj DasGupta, Chief Executive Officer of Electrovaya.

The Toronto Stock Exchange has conditionally approved the listing of common shares issuable under the warrants, subject to customary listing conditions. Electrovaya said it intends to file a material change report with SEDAR+ and corresponding filings on EDGAR.

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