Electrovaya (TSX:ELVA) Signs Amazon Deal, Is The Stock Fully Valued?

Electrovaya (TSX:ELVA) moved into the spotlight after announcing a commercial agreement and warrant transaction with Amazon tied to future Infinity Battery Technology deployments. The linkage is described as connecting Amazon’s purchase volumes with potential equity ownership in Electrovaya. The announcement follows a period of strong momentum for the company, with a year-to-date share price gain of 20.93% and a 1-year total shareholder return of 160.59%, though performance over the last 30 days has softened. The report frames the shares as “slightly overvalued,” noting Electrovaya last closed at CA$13.29 against a stated fair value of CA$12.55. It cites North American manufacturing plans, including a Jamestown facility and a Mississauga expansion, as well as eligibility for US production tax credits (45X). Risks mentioned include scaling challenges at Jamestown and weaker airport-related demand.