Electrovaya Inc. (TSX: EFL) today announced financial results for the first quarter ended December 31, 2002. All figures are in thousands of US dollars.

First Quarter Highlights

• First quarter revenue for 2003 up 72% from first quarter 2002 and up 34% from fourth quarter 2002ßThe Company began the launch of its Tablet PC, Scribbler in Microsoft’s multi-city road show
• Commercial shipment of the Scribbler began late December, 2002. Financial impact on revenue from the Scribbler will start showing up later in 2003
• Electrovaya signed a development agreement with Microsoft to collaborate in engineering, marketing and sales for the Scribbler
• Electrovaya showed its mobility products in a booth shared with Microsoft at CES (Consumer Electronics Show) in Las Vegas
• Commercial shipment of the PowerPad 80 began in late December 2002. Financial impact on revenue will start showing up later in 2003

About Electrovaya Inc.

Electrovaya develops, manufactures and sells products using its proprietary lithium-ion SuperPolymer™ rechargeable battery technology, which delivers the highest energy density 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. Electrovaya’s shares trade on the Toronto Stock Exchange under the symbol EFL.

For more information aboutthe Company and its products, please visit our website at www.electrovaya.com.

For more information, please contact:

Sankar Das Gupta, Chairman & CEO
Electrovaya Inc.
tel: 905-822-6573
email: sdasgupta@electrovaya.com