Press Releases

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  Electrovaya Announces Initial and Follow-up Purchase Orders From Multiple Customers

  Orders Demonstrate Revenue Momentum in the Materials Handling Electric Vehicle Sector Toronto, Ontario - June 12, 2018 – Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL) (OTCQX:EFLVF), today announced purchase orders totalling approximately US$1.8 million (~C$2.3 million) for its ELivate line of forklift battery systems and energy storage modules. Electrovaya received initial orders from two new customers, and follow-up purchase orders from several repeat customers. The majority of the purchase orders were received in the last four weeks and Electrovaya is pleased with this strong and growing order flow from both new and existing customers. One of the new customers represents Electrovaya's opening presence in Mexico. The other customers are in Canada and the United States and include industrial electric vehicle dealers, manufacturers and end users. Electrovaya is focused on producing lithium ion battery systems for the Materials Handling Electric Vehicle (MHEV) sector, an expanding market opportunity. Electrovaya produces batteries for newly-manufactured electric trucks and replacement batteries for existing fleets currently powered by lead acid batteries. Electrovaya is a leading provider of lithium ion batteries for the forklift market in North America, reflecting the superior performance of its batteries. For more information, please contact: Peter Koven Bay Street Communications Telephone: 1.647.496.7857 Email: peterkoven@baystreetcommunications.com About Electrovaya Inc. Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, including statements that relate to, among other things the future direction of the Company’s business and products, the Company’s ability to source supply to satisfy demand for its products and satisfy current order volume, revenue forecasts, anticipated orders and deliveries in CY2018 and beyond, demand for the Company's products, technology development progress, pre-launch plans, plans for product development, plans to work with OEMs, plans to sell directly to user, plans for shipment using the Company’s technology, production plans, the Company’s markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, "possible", “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, among other things, that current customers will continue to make and increase orders for the Company’s products, that the Company’s alternate supply chain will be adequate to replace material supply and manufacturing, that the Company’s interpretation of the effect of any comfort given to Litarion’s auditors of the Company’s financial support for Litarion’s operations is correct, and that Litarion’s insolvency process will proceed in an orderly fashion that will satisfy Litarion’s debt without a significant negative effect on the Company or its assets. Important factors that could cause actual results to differ materially from expectations include but are not limited to: actions taken by creditors and remedies granted by German courts in the Litarion insolvency proceedings and their effect on the Company’s business and assets, negative reactions of the Company’s existing customers to Litarion’s insolvency process, the ability to sell the Company’s premises or to do so at a price reflecting appropriate value, general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s Annual Information Form (“AIF”) for the year ended September 30, 2017 and in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

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  Sankar Das Gupta Acquires Units of Electrovaya Inc.

  Toronto, Ontario - May 31, 2018. Dr. Sankar Das Gupta (the “Acquiror”), through 2061236 Ontario Inc., a corporation controlled by him, acquired 1,680,000 units (the “Units”) consisting of one common share (each, a “Common Share”) of Electrovaya Inc. (“Electrovaya”) and one-half of one warrant to purchase one Common Share (each whole warrant, a “Warrant”) in a wider private placement of Units from treasury by Electrovaya to certain of its directors, officers and employees (the “Offering”). Each Warrant will entitle the holder thereof to acquire one Common Share for a period of 36 months from the date of issuance at a price of C$0.20 per Common Share. The Offering was completed on May 30, 2018 (the “Closing Date”). Prior to the completion of the Offering, Dr. Das Gupta beneficially owned and controlled 46,733,754 Common Shares (47.09% of the issued and outstanding Common Shares), on a partially diluted basis. After completion of the Offering, Dr. Das Gupta beneficially owns and controls 49,253,754 Common Shares (49.5% of the issued and outstanding Common Shares), on a partially diluted basis. The Units were issued at an agreed purchase price of C$0.15 per Unit, or C$252,000 in the aggregate. The Acquiror acquired the Units in the Offering as an investment in the Company and to assist with Electrovaya’s short term liquidity needs, as the company’s liquidity position in the short-term required a cash injection to continue to satisfy ongoing purchase orders while it continues to work with customers to regularize and increase cash flow. The Acquiror may, from time to time in the future, increase or decrease direct or indirect ownership, control or direction over the Common Shares, Warrants or other securities of Electrovaya through market transactions, private agreements, subscriptions from treasury or otherwise, subject to applicable securities laws. The Acquiror has no present plans or intentions which relate to or would result in any of the transactions or circumstances identified in Item 5 of Form 62-103F1 - Required Disclosure under the Early Warning Requirements. Electrovaya’s head office is located at 2645 Royal Windsor Drive, Mississauga, Ontario, L5J 1K9. For further information, including a copy of the corresponding report filed with Canadian securities regulators, contact: Sankar Das Gupta 2645 Royal Windsor Drive Mississauga, Ontario L5J 1K9

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  Electrovaya Completes Private Placement

  Not for distribution in the United States newswire services or for dissemination in the United States Toronto, Ontario – May 30, 2018 Electrovaya Inc. (TSX: EFL) (OTCQX:EFLVF) (“Electrovaya”, or the “Company”) is pleased to announce that it has completed its previously announced private placement, consisting of 4,450,001 units (the “Units”) for gross proceeds of $667,500. Each Unit comprises one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.20 for a period of 36 months from the date hereof. The proceeds of the Offering will be used for general working capital purposes. The Common Shares composing the Units and underlying the Warrants have been conditionally approved for listing on the Toronto Stock Exchange. For more information, please contact North America: Richard Halka Chief Financial Officer Electrovaya Inc. Telephone: 1.905.855.4618 Email:  ir@electrovaya.com or sales@electrovaya.com About Electrovaya Inc. Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com. This press release contains forward‐looking statements, including statements that relate to, among other things, the use of proceeds of the private placement, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, "possible", “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward‐looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward‐looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: market conditions and demand for the Company’s securities; general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward‐looking statements may be found in the Company’s most recent annual information form under  the heading “Risk Factors” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward‐looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

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  Electrovaya Announces Private Placement for Proceeds of up to $700,000

  Not for distribution in the United States newswire services or for dissemination in the United States TORONTO, May 16, 2018 - Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) (“Electrovaya”, or the “Company”) is pleased to announce that it intends to complete a non-brokered private placement offering of up to 4,666,667 units (the “Units”) at a price of $0.15 per Unit for aggregate gross proceeds of up to $700,000. Each Unit will consist of one common share of the Company (each, a “Common Share”) and one-half of one common share purchase warrant (each, a “Unit Warrant”). Each whole Unit Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.20 for a period of 36 months from the date of issuance. The private placement is expected to close on or about May 24, 2018. The proceeds of the private placement will be used for general working capital purposes. The private placement is subject to the approval of the Toronto Stock Exchange. It is expected that certain directors and officers of the Company will purchase Units in connection with the private placement. As such, the private placement constitutes a “related party transaction” for Electrovaya within the meaning of that term pursuant to Multilateral Instrument 61-101 of the Canadian Securities Administrators ­- Protection of Minority Security Holders in Special Transactions (“MI 61-101”). MI 61-101 provides that related party transactions are, in the absence of an exemption therefrom, subject to the requirement to obtain a formal valuation for the subject matter of the related party transaction and minority shareholder approval of the related party transaction (which approval shall exclude any votes attached to Common Shares held by the participating related party). The Company is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101 in respect of the private placement provided for in sections 5.5(a) and 5.7(1)(a) of MI 61-101 - Fair Market Value Not More than 25% of Market Capitalization. Also pursuant to MI 61-101, the private placement is subject to enhanced disclosure, to be included in a material change report filed in connection therewith. The material change report will be filed less than 21 days prior to the expected closing of the private placement. Management of the Company believes this is reasonable and necessary in the circumstances, as it is important for the Company to receive the proceeds from the private placement in a timely manner. For more information, please contact North America: Richard Halka Chief Financial Officer Electrovaya Inc. Telephone: 1.905.855.4618 Email:  ir@electrovaya.com About Electrovaya Inc. Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology focused company with extensive IP, supplying leading global customers. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com. Forward-Looking Statements This press release contains forward‐looking statements, including statements that relate to, among other things, the completion of the private placement and the use of proceeds thereof, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward‐looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward‐looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: market conditions and demand for the Company’s securities; general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward‐looking statements may be found in the Company’s most recent annual information form under the heading “Risk Factors” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward‐looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

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