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Electrovaya Stock Surges 49% in Best Day Since 2013 on Amazon Battery Supply Deal

2026-07-16 03:32:05

AMZN3.00%

According to StockTwits, Electrovaya Inc. (ELVA) shares surged 49% on Wednesday after the company announced a commercial agreement with Amazon to supply its Infinity Battery Technology for warehouse material handling operations. The stock clocked its best day since January 2013.

As part of the deal, Amazon received warrants to purchase up to 13.9 million Electrovaya shares, which will fully vest once Amazon buys $280 million worth of batteries from the company. Roth Capital analyst Craig Irwin maintained a 'Buy' rating with a $20 price target, representing 70% upside potential from Wednesday's close.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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