Post by
Stockholder2008 on Dec 06, 2022 4:59pm
Electrovaya is increasing production
The revenue in the fourth quarter was achieved while managing a growing operational team and additional equipment, however, still operating within a single shift. We have established systems that will enable us to grow further. This included achieving ISO 9001 certification in July and adding some key quality and operations staff. Furthermore, we are embarking on some innovative automated assembly methods, which should come on line in fiscal year Q3 to support assembly of high-voltage battery systems in addition to new customized battery systems.
With these enhancements, we expect the Mississauga facility itself to be in a position to support in excess of $70 million in revenue annually with minimal additional capital spend. However, we see the need to support further growth, and this brings me to our Jamestown, New York expansion plans. As we announced in October, Electrovaya plans to establish our first Gigafactory in Jamestown, New York. This facility will be central to our strategy in increasing capacity and enabling Electrovaya to enter new markets.
The Jamestown plant will be starting to crank up cell production in the 2nd fiscal quarter 2023. Highly automated high voltage battery pack assembly will be starting to crank up 3rd Qtr 2023 in Mississuagua. So for the next two quarters we will be very busy increasing production.
Comment by
cantlose22 on Dec 07, 2022 2:24am
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