Electrovaya (EFL) Investor Day 2024 summary

Technology platforms and innovation

• Infinity battery technology features ceramic separators, offering superior safety and cycle life, with over 28,000 systems deployed and no failures reported; over 100 patents and 32 patents specifically in ceramic separator technology.

• New LFP-based Infinity battery launched, providing lower cost, higher cycle life (>14,000 cycles, 35+ years at 1 cycle/day), and broadening applications to stationary energy storage and material handling, with deliveries starting Q1 2025.

• Solid-state battery development leverages proprietary ceramic materials, targeting high energy density and performance for automotive, aerospace, and consumer electronics, with >500 mAh pouch cell prototypes and automotive sampling by 2025.

• Solid-state prototypes show promising ionic conductivity and stable cycling; commercial viability targeted by 2027, with four SSB-related patents filed.

• Extensive third-party testing and certifications (UL, ISO, DNV, TÜV, UN38.3) validate performance, safety, and quality.

Market focus and business strategy

• Focus remains on heavy-duty industrial applications where safety and cycle life are valued, such as material handling, mining, defense, and construction vehicles.

• Material handling currently accounts for 99% of revenue, but expected to drop below 50% by 2027 as new verticals grow, including grid storage and mining.

• Not targeting passenger EVs or sectors dependent on subsidies; emphasis on markets valuing performance and safety.

• Jamestown plant to localize supply chain, reduce reliance on imports, and supply majority of cells from 2026 onward, targeting >80% non-Chinese components and 100% by 2028.

• Battery assembly and cell production localized in Jamestown and Ontario, supporting high-voltage and forklift markets.

Product launches and development pipeline

• Launching Infinity Series LFP-based lithium-ion cells with proprietary ceramic composite separator; deliveries start Q1 2025.

• Next-generation microgrid/grid stationary battery systems using EV-44 LFP cells to launch in early 2025.

• Solid-state battery (SSB) development roadmap includes >500 mAh pouch cell prototypes and automotive sampling by 2025.

• In-house scalable manufacturing for ceramic separators and lithium metal batteries, with four SSB-related patents filed.

• No overlap between Infinity and solid-state target markets, ensuring clear product segmentation.