Lithium-ion battery systems manufacturer Electrovaya has closed a loan of $50.8 million with the Export-Import Bank of the United States announced last November to expand its battery-manufacturing capabilities.

The company plans to expand its facility in Jamestown, New York, using the funds. Jamestown’s history as a thriving industrial area in the 20th century is well known, as is its connection to the legendary comedienne Lucille Ball, who was born there in 1911.

Electrovaya plans to manufacture its Infinity lithium-ion ceramic cells, which it says offer “industry-leading longevity and safety,” in Jamestown. The battery facility will add approximately 250 jobs to the area, and the company will export its products to Canada, Japan and Australia.

The loan calls for using $46.4 million for lithium-ion cell, module and battery pack manufacturing and $5.3 million for construction and engineering, the company said.

The Infinity line of cells, according to Electrovaya, is made using unique ceramic composite cell separator materials that provide the safest cathode combination of nickel-manganese-cobalt. The company promises “extraordinary safety characteristics achieved through a thermally stable full ceramic separator.”

The combination of the EXIM funding with the company’s $20-million BMO credit facility and $12 million in equity capital from December 2024 gives Electrovaya over $80 million at its disposal to fuel its expansion in New York. EXIM has indicated that the company has met substantially all of the condition precedents that are required to begin drawdowns on the loan.

Source: Electrovaya