JAMESTOWN, N.Y. — A Canadian company that’s been planning for two years to open a lithium-ion battery production facility in Jamestown is finally moving forward on the project, thanks to new funding announced Friday.
Electrovaya Inc. (Nasdaq: ELVA) announced Friday a $50.8 million loan through a “Make More in America” initiative with Export-Import Bank of the United States will allow the company to move forward on its renovations of the 137,000-square-foot facility on One Precision Way in Ellicott.
“I know it’s been a long time coming, and not as fast as we anticipated, but it’s getting done,” said CEO Raj DasGupta during a news conference Friday.
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