West NY News

Electrovaya Inc., a company specializing in lithium-ion battery technology and manufacturing, has secured a $50.8 million loan from the Export-Import Bank of the United States (EXIM). This funding is part of EXIM's Make More in America initiative and will support the development of Electrovaya's new battery manufacturing facility in Jamestown, New York.

The loan will cover essential costs such as equipment, engineering, and setup as Electrovaya expands its operations to meet growing demand for its Infinity lithium-ion ceramic cells. These cells are known for their longevity and safety and are used in critical electrified applications worldwide. The Jamestown facility is expected to start commercial shipments by early 2026.

Dr. Raj DasGupta, CEO of Electrovaya, stated, "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." He added that the facility would use clean renewable energy and produce some of the longest-lasting and safest lithium-ion cells globally.

The project is anticipated to create over 250 jobs in Chautauqua County while enhancing supply chains for U.S. lithium-ion battery production. It will also support exports to countries like Japan, Canada, and Australia.

EXIM President and Chair Reta Jo Lewis remarked on the transaction: "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."

County Executive Paul M. Wendel Jr. expressed his enthusiasm for the investment: “This investment is a testament to the potential of Jamestown as a hub for cutting-edge manufacturing and innovation.” He acknowledged the role played by Mark Geise from the Chautauqua County Industrial Development Agency (CCIDA) in supporting such projects.

Wendel also recognized Congressman Nick Langworthy's federal support: “Congressman Langworthy has been a steadfast advocate for Chautauqua County.”

Electrovaya's facility will benefit from various incentives including IRA 45X production tax credits and New York State grants, positioning it as a leader in domestic battery production aimed at fostering sustainable energy solutions.