A leading lithium-ion battery technology and manufacturing company has secured funding for a project that will speed start-up operations for its Ellicott gigafactory.

Electrovaya Inc. announced it has received a direct loan in the amount of $50.8 million from the Export-Import Bank of the United States under the bank’s “Make More in America” initiative. This financing will fund Electrovaya’s battery manufacturing buildout in Ellicott including equipment, engineering and setup costs for the facility. It will be located at the former Acu-Rite plant.

Electrovaya has rapidly increasing demand for its products from a wide range of heavy duty and mission critical electrified applications, and it has been a priority of the Company to expand its manufacturing operations in the United States for these vital products. The Company’s manufacturing facility on Precision Way in Ellicott is scheduled to produce Electrovaya’s proprietary Infinity lithium-ion ceramic cells, which offer industry leading longevity and safety.

“The funding from EXIM is instrumental to Electrovaya’s long term strategy to expand capacity and establish lithium-ion cell production in the United States,” said Dr. Raj DasGupta, CEO of Electrovaya. “Our facility in Jamestown will be powered by clean renewable energy and will produce the longest lasting and safest lithium-ion cells in the world when it starts commercial shipments in early 2026. We expect this expansion to support our plans for exponential growth and lead to improvements in our margins through vertical integration. Finally, I fully expect that the establishment of this manufacturing facility will also lead to an uptick in demand for our products since we will produce these exciting products domestically.”

The battery manufacturing facilityis expected to lead to over 250 jobs and support Electrovaya’s exports to Japan, Canada and Australia. Furthermore, the facility will both benefit from and help support developing supply chains in the US for lithium-ion battery production. The Jamestown expansion will also benefit from the IRA 45X production tax credits as well as grants and tax incentives from the state of New York, which the Company will be able to access as the facility scales in output.

“With today’s transaction, we are underscoring EXIM’s commitment to the expansion of domestic exports and the rebuilding of a resilient stateside supply chain. Ushering through our fifth Make More in America deal further highlights EXIM’s efforts to support U.S. manufacturing in transformational export areas while creating jobs and increasing export competitiveness across the global landscape.” said EXIM President and Chair Reta Jo Lewis.

U.S. Rep. Nick Langworthy hailed the funding announcement by the company.

“I’m proud to welcome Electrovaya to Jamestown,” he said. “This major investment will bring over 250 good-paying jobs and establish our region as a leader in advanced manufacturing. This is a big win for our economy, and I’ll keep working to bring lasting growth and opportunity to Western New York and the Southern Tier.”