Electrovaya and Innovative Rail Technologies Enter into Strategic Supply Agreement for the Supply of Battery Systems for Electric Rail Applications
Electrovaya to supply battery systems for IRT’s full electric locomotives serving a variety of rail applications including industrial operations, ports, short line railroads, defense, and commuter rail
TORONTO, ON / ACCESSWIRE / September 30, 2024 / Electrovaya Inc. (“Electrovaya” or the “Company”) (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, today announced the establishment of a Strategic Supply Agreement with Innovative Rail Technologies, LLC (IRT). The Agreement will initially cover the supply of Electrovaya’s Infinity battery systems for IRT’s electric locomotive systems. IRT is focused on the electrification of locomotives to battery electric through its proprietary advanced technology lithium-ion adaptive system, a turnkey, scalable propulsion and control package customized to the unique needs of customer operations. IRT has a strong pipeline of orders targeting applications in industrial operations, short line railroads, ports, defense and commuter rail.
Mike Nicoletti, Partner of IRT, said :
IRT is extremely excited to be working with Electrovaya.
” Their (Infinity) Lithium-Ion HV-Battery system is capable of providing our customers with very unique and industry-leading benefits including safety and long cycle-life while advancing our Buy America compliance efforts. We are committed and ready to work closely with the Electrovaya team for our future growth,”
Dr. Raj DasGupta, CEO of Electrovaya, said :
We are very pleased with the growing relationship with Innovative Rail Technologies and are excited about the opportunities that we are jointly working towards,
“We believe that our competitive advantages with respect to safety and cycle life continue to provide a key benefit for heavy duty electrified applications, which in this case represent some of the largest electric vehicles in the world. IRT is well connected to major locomotive/rail customers and we believe the relationship greatly enhances the Company’s sales reach and ability to serve these large and growing market opportunities.”
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Electrovaya and Innovative Rail Technologies Enter into Strategic Supply Agreement for the Supply of Battery Systems for Electric Rail Applications, source