Press Releases

Fiscal 2001 revenue up more than 500% from the previous year

Electrofuel Inc. (TSE:EFL), producer of the unique PowerPad line of Lithium-ion SuperPolymerTM batteries, which provide true mobility for a portable computer operating up to 16 hours, announced today financial results for the fourth quarter and fiscal year ended September 30, 2001. All dollar amounts are in thousands of US dollars unless otherwise indicated.

Operating Highlightsß

Completed construction of manufacturing plant on time and under budget ßExpanded production capacityßFiscal 2001 revenue up more than 500% from fiscal 2000 ßFormalized two distribution agreements with the largest North American computer catalogue house and a major master distributor, along with a number of value added resellersßChanged commercial name to Electrovaya and stepped up sales and marketing

About ElectrovayaElectrovaya is the commercial name of Electrofuel Inc. The Company develops, manufactures and sells products using its proprietary lithium ion SuperPolymer™ rechargeable battery technology, which delivers the highest energy density level of any battery technology on the market today. The Company’s goal is to become the leading provider of portable power for the notebook computer and wireless sectors and to apply its technology to a broad spectrum of alternative energy applications over the long term. Shares of Electrofuel Inc. trade on The Toronto Stock Exchange under the symbol EFL. For more information about the Company and its products, please visit our website at www.electrovaya.com

For more information, please contact:

Paul J. Van Damme
Vice-President, Finance & CFO
Electrofuel Inc.
tel: 905-855-4636
email: pvandamme@electrovaya.com