An anonymous director reports

ELECTROVAYA PROVIDES UPDATE ON CORPORATE DEVELOPMENTS

Electrovaya Inc. has provided an update on recent corporate developments at the company.

A recent matter is that a fifth U.S. Fortune 500 company has issued a purchase order to Electrovaya for its lithium ion ceramic forklift battery. The order, which was placed through a U.S. equipment dealer, follows on earlier announced orders from Mondelez International Inc. and Wal-Mart Stores Inc. (through its Canadian subsidiary), along with two other U.S. Fortune 500 companies for Electrovaya's lithium ion ceramic battery system. This battery is a green-tech solution that is particularly well suited to the material-handling-vehicle sector.

The Electrovaya battery can improve productivity, reduce maintenance and has the potential to reduce peak demand, as well as decrease electricity usage in heavy-duty 24-seven distribution and manufacturing environments. The Electrovaya batteries include the proprietary ceramic separator, Separion, which provides enhanced safety and cycle life.

The company continues to pursue opportunities with OEMs (original equipment manufacturers) and is in various stages of business development with continuing and potential customers in sectors that include electric delivery trucks, electric buses and energy storage.

In the forklift and material-handling-vehicle (MHV) sector, two large corporations will be testing, in their distribution warehouses, the company's batteries during the Black Friday to pre-Christmas period, the most demanding time of year in retailing and e-commerce. Electrovaya now has about 20 battery packs, which are carrying out demonstration programs in multiple corporations. The focus is large sophisticated companies which can distinguish differentiating aspects of the Electrovaya battery in its logistics, warehousing or manufacturing operations.

Electrovaya is also pursuing follow-up business with companies that have placed initial orders for forklift batteries. The company has conducted testing in multiple warehouse and other locations, including both cold- and room-temperature distribution spaces. While the sales cycle is long and there is no guarantee that the company's initiatives will result in significant orders, Electrovaya is pleased with the performance of its batteries in both testing and initial deployments.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium ion ceramic batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces cells, electrodes and Separion ceramic separators, and has manufacturing capacity of about 500 megawatt-hours per annum. Electrovaya is a technology-focused company with extensive intellectual property. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.

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