TORONTO, ON / ACCESSWIRE / September 3, 2020 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF) has closed an agreement with a Canadian financial institution to increase the amount available under its existing revolving credit facility from C$4.5 million to C$7.0 million. The facility will support fulfilment of Electrovaya's recently announced purchase orders, as well as other corporate expenditures. 

Electrovaya has repaid C$5.5 million to this financial institution on its earlier announced purchase order facility. The repayment was made from the Company's operating cash flows.Electrovaya expects to repay a further C$4.5 million to the same financial institution on another purchase order facility within the next two months, barring unforeseen circumstances. With this repayment, the total debt repaid will be C$10 million on the two purchase order facilities.The Company has generated strong sequential sales growth during the 2020 fiscal year, with revenue increasing approximately five-fold from $0.9 (C$1.2) million in the fiscal first quarter ended December 31, 2019 to $4.8 (C$6.5) million in the fiscal third quarter ended June 30, 2020.For the fiscal fourth quarter ending September 30, 2020, revenue is expected to grow approximately seven-fold compared to the first quarter, barring unforeseen circumstances.Electrovaya is ramping up operations to meet the growing demand. The Company is planning to expand its US sales network and establish service, assembly and other operations in the United States as the US customer base continues to grow rapidly. Electrovaya batteries are powering electric lift trucks in about 25 locations in the United States.Sales of electric lift truck batteries are growing rapidly through the Company's OEM distribution channel, which is now generating similar revenue as the Company's direct sales channel.