Mr. Peter Koven reports

ELECTROVAYA ANNOUNCES PURCHASE ORDERS FROM THREE ADDITIONAL CUSTOMERS INCLUDING TWO US FORTUNE 500 COMPANIES

Electrovaya Inc. has received three purchase orders from three additional customers for its batteries. Two of the customers are global industry participants, one in the top 50 and the other in the top 150 of the U.S. Fortune 500 list. With these orders, Electrovaya now has six U.S. Fortune 500 companies as customers for its battery products targeting the material-handling electric vehicle industry.

Two of the initial purchase orders are for complete drop-in batteries in Class 1 and Class 2 forklift electric trucks.

The company sees a substantial opportunity in, and is focused on, the material-handling electric vehicle sector. New forklift truck sales in North America were reported at 225,000 in 2015, of which approximately 63 per cent were battery-powered electric trucks. Globally, over one million new forklift trucks were sold in 2015. Electrovaya is involved in both lithium ion batteries for new electric trucks and the replacement market for lead acid batteries in existing fleets. The company believes it is the leading provider of lithium ion batteries for the emerging forklift market in North America.

One of the users is a producer of automated guided vehicles (AGV). The user had tested the Electrovaya battery modules for several months, had earlier placed small initial orders and now, following extensive validation testing, is following up with a larger purchase order. This is Electrovaya's first customer in the AGV market. The combined purchase price for the above three purchase orders is approximately $280,000 (U.S.).

Electrovaya is showcasing its lithium ion ceramic batteries in the material-handling industry's trade show at Modex 2018, booth No. 1559, April 9 to April 12, Georgia World Congress Center, Atlanta, Ga.

About Electrovaya Inc.

Electrovaya designs, develops and manufactures proprietary lithium ion superpolymer batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Headquartered in Ontario, Canada, Electrovaya is a technology-focused company with extensive IP (intellectual property), supplying leading global customers.

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