Dr. Raj DasGupta reports

ELECTROVAYA ANNOUNCES THREE YEAR STRATEGIC SUPPLY AGREEMENT WITH EXISTING AND NEW GLOBAL OEM PARTNERS

Electrovaya Inc. has executed a strategic supply agreement with two leading affiliated original equipment manufacturer partners for material handling vehicles and other affiliates for the supply of battery systems.

The new three-year agreement provides the two leading OEMs and other affiliated companies with branded lithium ion batteries that are UL 2580 listed and compatible with most Class I, II and III lift trucks as well as automated guided vehicles and robots. The new agreement supersedes a preceding agreement from December, 2020, with just one of the OEM partners and includes a longer term with larger minimum purchases to maintain exclusivity. The battery systems will utilize the latest Electrovaya Infinity battery technology NMC-Ceramic based systems and provide a full integration with the OEM's vehicles. This technology has demonstrated industry leading cycle life performance from both internal testing and through independent third party laboratory testing.

"We are pleased to announce this expanded strategic supply agreement with our largest OEM partner and to welcome the additional OEM partnership," said Dr. Raj DasGupta, chief executive officer at Electrovaya. "The new agreement builds upon our existing relationship and will enable us to further increase market penetration with two of the largest OEMs in the industry. The material handling and robotics markets require battery systems to operate heavy duty cycles indoors, which calls for technologies with superior safety and longevity. These requirements play to Electrovaya's strengths, where the Infinity technology platform has been shown to provide up to five times the cycle life of typical lithium ion batteries with improved safety due to our proprietary ceramic separator technology. Electrovaya powered equipment is already operational with over 12 Fortune 100 customers and at over 170 warehouse sites on four continents. With this new agreement we believe that we will be able to significantly expand our growing list of global customers."

"Our relationship with our current material handling OEM partner has been instrumental in our sales success in recent years," said Dr. Jeremy Dang, vice-president of business development at Electrovaya. "For instance in fiscal year 2023, we delivered approximately $36-million worth of products through our OEM channel. We anticipate that having a second major OEM partner should have a strong impact on our sales growth in the coming years."

About Electrovaya Inc.

Electrovaya Inc. is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The company has extensive intellectual property and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity battery technology platform. This technology offers enhanced safety and industry leading battery longevity. The company is also developing next-generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000-square-foot manufacturing facility in New York State for its planned gigafactory.

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