Raymond forklift announced a strategic supply agreement with Electrovaya Lithium

Raymond and Electrovaya announce strategic supply agreement

December 18, 2020.

Electrovaya will provide RaymondCorp with battery systems as part of Raymond's EnergyEssentials product line for energy conversion.

Oronto, Ontario/ACCESSWIRE/December 18, 2020/ Electrovaya Inc. ("Electrovaya") (TSX: EFL) (OTCQB: EFLVF) and Raymond Corporation ("Raymond") today announced that they have completed their strategy for this product Supply agreement to provide battery systems for Raymond’s Energy Essentials Battery series. The agreement provides Raymond with exclusive distribution of Raymond brand lithium-ion batteries, which have passed UL 2580 certification and are compatible with most Class I, II and III Raymond forklifts. The battery system uses the latest Electrovaya NMC ceramic lithium-ion battery technology and is fully integrated with Raymond vehicles.

“After months of rigorous engineering and testing activities, we decided to cooperate with Electrovaya as a strategic supplier. Raymond’s Energy Essentials enables a complete and unique integration between forklift and battery, so that operating data elements can be displayed (including Status, feedback)”, said Jennifer de Souza, Senior Director of Energy Solutions, Purchasing and Leasing, Raymond Corporation. "These lithium-ion solutions are designed to excel in demanding material handling applications and provide our customers with significant productivity improvements, including increased uptime and lower electricity bills."

We are pleased with the development of our relationship with Raymond, and this agreement replaces our existing 2019 sales agreement. The use of these battery systems in conjunction with Raymond's material handling equipment has the potential to increase energy and greenhouse gas savings for customers, especially those with multiple shifts. Said Rajshekar Das Gupta, Vice President of Technology and Business Development of Electrovaya. "From a commercial point of view, Raymond's sales range and ability to provide service and support to many customers has increased the potential sales of these battery systems. "

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