Toronto, Ontario –

Electrovaya Inc. (TSX: EFL) today announced financial results for the first quarter of fiscal 2007. All figures are in US dollars.

Highlights

For the quarter ending December 31, 2006:

• Revenue decreased by $86,000 or 14.6% from $588,000 to $502,000 compared to the quarter ending December 31, 2005.
• Loss from operations, before interest, taxes, foreign exchange and amortization decreased by $223,000 or 21.9% to $793,000 compared to $1,016,000 in the same quarter in the prior year.
• Cash & investments were $9.5 million as at December 31, 2006, compared to $10.1million as at September 30, 2006 and $11.4 million as at December 31, 2005. Of the $0.6 million decrease in cash and cash equivalents during the quarter, $0.5 million was due to the weakening of the Canadian dollar in comparison to the US dollar.

About Electrovaya Inc.

Electrovaya (TSX: EFL) is a developer and manufacturer of portable power solutions with its proprietary Lithium Ion SuperPolymer® battery technology. Its goal is to become the preferred provider of tablet PCs, portable power for aerospace and wireless sectors, and the developer of alternative energy applications including UPS, stand-by power, plug-in hybrids and zero-emission vehicles. The Company's shares trade on the Toronto Stock Exchange under the symbol EFL.

For more information on Electrovaya and its products, please visit www.electrovaya.com or www.sedar.com.

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

For more information, please contact:

P. Hart, Chief Financial Officer
Electrovaya Inc.
tel: 905-855-4636
email: plhart@electrovaya.com