Mr. John Gibson reports

ELECTROVAYA ANNOUNCES INCREASE IN CREDIT FACILITY TO C$22 MILLION

Electrovaya Inc.'s credit facility has been increased from $16-million to $22-million, with uncommitted accordions up to $4-million to increase the facility to $26-million in the future. This facility will support the company's working capital needs in connection with its continued sales and production growth. In addition, it has extended the term to maturity from March 31, 2024, to July 29, 2025.

"We are very pleased with the additional support our lender has provided to us," said John Gibson, chief financial officer of Electrovaya. "We believe the additional working capital provided from the revolving credit facility will assist us with our continued growth and in meeting the existing purchase order backlog and fiscal year revenue targets."

The company continues to work toward securing separate project financing to support its planned Jamestown, N.Y., gigafactory.

About Electrovaya Inc.

Electrovaya 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, and 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 for its planned gigafactory.

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