Electrovaya Inc. today announced that it has entered into an agreement with a Canadian financial institution for a credit facility that will support Electrovaya’s growing business and working capital needs related to its recently-announced purchase order backlog of more than C$4 million.
The credit facility is expected to close once security arrangements and certain other requirements have been put in place. The initial facility is for up to C$1.5 million. The facility may be increased subject to securing certain new purchase orders.