TORONTO — Shares of lithium-ion battery company Electrovaya Inc. spiked nearly 50 per cent after it announced a deal with Amazon that could see the tech giant take a large stake in the company.
Electrovaya says the deal will help support the growth of its battery technology in material handling operations with potential expansion into robotics and energy storage.
Under the agreement, Amazon will receive warrants to buy up to 13,880,345 common shares of Electrovaya.
The warrants become fully vested once Amazon buys a total of US$280 million in products from Electrovaya, with a portion vesting immediately.
As of March 31, the company had 49,507,480 shares outstanding and 4,013,901 options outstanding. If Amazon exercises all of the warrants to buy Electrovaya shares it would hold a nearly 21 per cent stake in the company, based on the latest share count.
Shares in the company were up C$5.36 or about 48 per cent at C$16.42 in trading on the Toronto Stock Exchange.
This report by The Canadian Press was first published July 15, 2026.
Companies in this story: (TSX:ELVA)
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