Benzinga | Oct 13, 2021 03:57PM EDT

Vicinity Motor Inks Supply Agreement With Electrovaya For Lithium-Ion Battery Systems

* Vicinity Motor Corp (NASDAQ:VEV) has entered a supply agreement with Electrovaya Inc (OTC:EFLVF) to provide battery systems for its line of Vicinity Lightning EV buses and fully electric VMC 1200 Class 3 trucks. The financial terms of the deal were not disclosed.

* Electrovaya develops and manufactures Lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications.

* The agreement provides Vicinity with Lithium-ion battery systems that use the latest Electrovaya NMC ceramic lithium-ion battery technologies and support full integration in its vehicles.

* Price Action: VEV shares are trading lower by 3.30% at $5.57 on the last check Wednesday.