Dr. Rajshekar Das Gupta reports

ELECTROVAYA SIGNS CONTRACT WITH A NYSE FORTUNE 1000 COMPANY FOR THE DESIGN AND DEVELOPMENT OF LITHIUM-ION BATTERIES FOR A RANGE OF ELECTRO-MOBILITY PRODUCTS

Electrovaya Inc. has signed a service agreement with a New York Stock Exchange-listed Fortune 1000 OEM (original equipment manufacturer) for the design, development and manufacture of battery modules for a range of the OEM's electromobility products. The project commences immediately and will progress through 2017 with large-volume commercial production starting in late 2017. The initial purchase order for the development contract has been received by Electrovaya. This is the second NYSE-listed Fortune 1000 company that has chosen to work with Electrovaya's batteries.

Electrovaya's technology and products are uniquely suited to this speciality subsector in electric mobility, as it meets two of the critical performance parameters needed from lithium-ion batteries. They are to achieve the highest level of safety and highest cycle life, both uniquely available from Electrovaya.

"This represents an exciting new application based around our lithium-ion cell and module products," said Dr. Rajshekar Das Gupta, vice-president, business development, Electrovaya. "This service agreement takes us into a new business sector, where there is a need for rapid transformation from diesel- or lead-acid-powered products to lithium-ion battery power. We are especially pleased to work with the U.S.-based global leader in this sector," added Dr. Das Gupta.

We seek Safe Harbor.