Electrovaya wins huge price target raise from this analyst

Roth Capital Partners analyst Craig Irwin says Electrovaya (Electrovaya Stock Quote, Chart, News, Analysts, Financials NASDAQ:ELVA) remains on track to ramp production at its Jamestown, N.Y., facility, with demand supporting his view that the plant could be sold out by the end of 2026.

In a June 5 update, Irwin maintained his “Buy” rating and raised his target on Electrovaya to $20.00 from $12.00 after visiting the company’s New York plant.

“Our visit to the facility confirmed management has an impressive team building this capacity, and Electrovaya is on track for both dry room construction and production equipment acquisition,” Irwin said.

Irwin’s new target is based on 25 times his fiscal 2027 Adjusted EBITDA estimate of $40-million, up from 15 times previously. He said the higher multiple reflects Electrovaya’s differentiated technology, strong demand and visibility on a clean production ramp.

Irwin said the Jamestown dry room is taking shape, with execution plans complete and an operations team that includes former Tesla, LG and BYD employees preparing for an eight-week trip to Korea. The cell production line is expected to begin factory acceptance testing in Korea shortly, while most non-cell production equipment is already on site.

He said energy storage could become a major opportunity, with demand expected to make up a large portion of Jamestown’s offtake.

“We believe energy storage customers face strategic supply tightness, where Electrovaya’s NY-produced cells and modules will be nearly unique for their domestic U.S. content,” Irwin said.

Electrovaya has developed AC-coupled 1.5-kilovolt and DC-coupled 800-volt energy storage system architectures, with UL 9548 certification expected shortly. The company is scaling energy storage manufacturing in Ontario ahead of the New York ramp.

Irwin said Electrovaya’s new niobium oxide cells could also drive demand because of their high-rate 10C charge and discharge capability, particularly for data centre applications. The company is sampling cells to strategic customers and expects material production volumes in 2027.

Irwin left his estimates unchanged, forecasting Adjusted EBITDA of $16.8-million on revenue of $83.0-million in fiscal 2026, improving to Adjusted EBITDA of $40.3-million on revenue of $150.0-million in fiscal 2027.

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