Electrovaya, Amazon sign warrant-linked battery deal

Electrovaya said it has entered into a commercial agreement and a warrant transaction with Amazon that will support continued deployment of its Infinity Battery Technology in material-handling operations. The relationship also carries potential for expanded engagement around robotics and energy storage.

As part of the agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya, which fully vest once Amazon achieves cumulative future purchases of $280 million, with a portion of the warrants vesting immediately upon execution. The exercise price is based on the five-day volume-weighted average trading price immediately prior to the agreement.

“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,” said Raj DasGupta, chief executive of Electrovaya.

Electrovaya said it intends to file a material change report on the transaction with Canadian and US securities regulators. The Toronto Stock Exchange has conditionally approved listing of the common shares issuable under the warrants, subject to customary listing conditions.

Amazon was Electrovaya’s largest customer in 2025, according to Electrovaya. The company reported $63.8 million in revenue that year, up from $44.6 million the prior year, and has guided for revenue above $80 million this year.

Electrovaya’s site in Jamestown, New York, spans 52 acres and includes a 137,000-square-foot facility planned as the company’s first gigafactory. Electrovaya has said the facility is being developed to qualify for the US Investment Tax Credit and comply with Foreign Entity of Concern (FEOC) rules.

Electrovaya is now developing battery systems that combine its Infinity technology with high-power architectures for data center, industrial and logistics applications. It said it views the segment as a growth opportunity as AI infrastructure buildout accelerates.

The Mississauga-based company said the Amazon relationship builds on its push into stationary storage, having first unveiled high-voltage battery technology aimed at applications including stationary energy storage in 2023.