Electrovaya

Electrovaya ( TSX:EFL ) is another Canadian penny stock that could generate sizeable returns for investors as the energy storage market grows. The $165 million company develops and manufactures portable lithium batteries and battery management systems for power grids, EVs, warehousing, medical and mobile devices.

The company is designing a new generation solid-state lithium battery offering higher energy density and lower costs. Its ambitious target is to “double, if not triple” the volumetric energy density of its battery cells, compared to conventional lithium-ion technology. Multi-layer cells have reportedly been produced, and a prototype production line may be in place later this year.

Electrovaya’s latest Infinity line of lithium batteries recently saw a 10% increase in energy density. They may receive good customer approvals as they ship out of a new gigafactory in New York by 2024.

Quarterly revenue surged 144% year over year during the first three months of 2023, powering the company to its first profitable quarter. Insiders are actively buying Electrovaya stock.

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