Vicinity Motor Corp. (TSXV: VMC) announced today a strategic supply agreement made with Electrovaya Inc. (TSX: EFL). The agreement entails the latter to supply lithium battery systems for the automaker’s line of commercial electric vehicles.
“Our decision to collaborate with Electrovaya as a strategic supplier followed rigorous engineering and due diligence activities,” said Vicinity Motor CEO William Trainer. “The Electrovaya batteries will provide confidence with prospective customers with a superior lifecycle performance and peace of mind with respect to safety.”
Under the agreement, the battery maker will provide the carmaker with lithium-ion battery systems that “utilize the latest Electrovaya NMC ceramic lithium-ion battery technologies” and are expected to support full integration. The supply agreement would cater to the company’s line of electric vehicles, including Vicinity Lightning electric buses and fully-electric VMC 1200 Class 3 trucks.
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However, no details on the financial terms of the agreement were shared yet.
Vicinity Motor last traded at $7.05 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
