Canadian lithium-ion battery tech and manufacturing company Electrovaya has announced a deal with Amazon, which it says will support the continued deployment of Infinity battery technology in materials handling operations and potential expanded engagement on robotics and energy storage. 

Electrovaya explains its energy storage systems are based on its proprietary Infinity technology, which “has a perfect field safety record, enables reduced environmental footprint and lower total cost of ownership” compared against conventional lithium-ion technologies. 

Under the agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya, which become fully vested upon Amazon achieving cumulative future purchases of USD280 million.

A portion of the warrants vest immediately upon execution of the agreement, with an exercise price based on the 5-day volume weighted average trading price (“VWAP”) immediately prior to the date of the agreement. 

Raj DasGupta, chief executive officer of Electrovaya, says: “Electrovaya's Infinity battery technology has demonstrated real performance in demanding material handling environments, and this agreement with Amazon reflects our confidence in the opportunity ahead”. 

“We look forward to building on that foundation in other industrial applications where safety and longevity are critical,” DasGupta adds. 

The Toronto Stock Exchange has conditionally approved the listing of the common shares issuable pursuant to the Warrants, subject to the satisfaction of customary listing conditions.