Toronto-based lithium-ion battery maker Electrovaya (NASDAQ: ELVA; TSX: ELVA) signed a commercial agreement with Amazon on July 15, coupling deployment of its Infinity Battery Technology inside Amazon's material-handling fleet with a warrant issuance that vests as the e-commerce giant hits US$280 million of cumulative purchases from the Canadian supplier.
Warrant Structure Ties Amazon To Battery Volume
Amazon will receive warrants to purchase up to 13,880,345 Electrovaya common shares at an exercise price of US$8.56, based on the five-day volume-weighted average trading price immediately before the agreement. Of the total, 5,545,880 warrants vested on execution, with the remainder vesting in tranches as Amazon achieves incremental purchases up to the US$280 million ceiling. The warrants run for ten years, carry no voting rights until exercised and include customary anti-dilution and registration provisions. The Toronto Stock Exchange has conditionally approved listing of the underlying shares.
Infinity Battery Moves Deeper Into Forklifts And Robotics
Electrovaya's Infinity platform is already used in forklifts and other material-handling vehicles across North American distribution centres, where its long cycle life, rapid recharging and lack of thermal-runaway incidents have been marketed as a total-cost-of-ownership win versus incumbent lead-acid and standard lithium-ion packs. Chief Executive Raj DasGupta said the deal reflects "confidence in the opportunity ahead" as the company looks to expand into adjacent industrial and energy-storage applications.
Gigafactory Ramp Underpins Amazon Ambition
Electrovaya is building its first gigafactory inside a 137,000-square-foot facility on a 52-acre Jamestown, New York site, backed by a US Department of Energy loan. That capacity is meant to serve growing demand from material-handling, industrial robotics and stationary storage buyers as data-centre power draw explodes. Amazon has been broadening its bets across advanced batteries and physical AI, joining the same investor group that poured up to $1.4B into Neura Robotics, and continues to scale humanoid deployments through Agility Robotics. The Electrovaya tie sits in the same playbook as Peak Energy's sodium-ion gigafactory push: locking down a differentiated cell chemistry with a hyperscaler-scale offtaker before the market decides which chemistries win.
Reporting based on Electrovaya press release via GlobeNewswire, StreetInsider and StockTitan filing summary.