Electrovaya (TSX:EFL) today announced that it has entered into a definitive loan agreement with a top three Canadian Chartered Bank for a US $10 million (Cdn $13 million) credit facility. This facility will support Electrovaya's growing business and working capital needs for its recently announced customer agreements.
The facility, which is subject to certain terms and conditions, is expected to close once security arrangements have been put in place.
Commenting on the facility, Electrovaya Inc. Chairman and CEO, Dr. Sankar Das Gupta stated We are very pleased to have this working capital facility as it provides the necessary funds to ramp up our production and meet the demands of our growing customer base. The bank has conducted an extremely thorough due diligence focusing on our recently announced agreements and with their support we look forward to continuing on our rapid growth path".
