Mr. Raj DasGupta reports

ELECTROVAYA ANNOUNCES COMMERCIAL RELATIONSHIP WITH AMAZON

Electrovaya Inc. has signed a commercial agreement and a warrant transaction with Amazon. This relationship is expected to support the continued deployment of Infinity battery technology in material-handling operations and potential expanded engagement on robotics and energy storage.

Electrovaya's energy storage systems are based on the Infinity technology, which has a perfect field safety record and enables reduced environmental footprint and lower total cost of ownership compared with conventional lithium-ion technologies. Systems currently under development combine the company's proprietary Infinity lithium-ion technology with high-power architectures for data centre, industrial and logistics applications with enhanced safety, cycle life and rapid charging capability.

"Electrovaya's Infinity battery technology has demonstrated real performance in demanding material-handling environments, and this agreement with Amazon reflects our confidence in the opportunity ahead. We look forward to building on that foundation in other industrial applications where safety and longevity are critical," said Raj DasGupta, chief executive officer, Electrovaya.

As part of the agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya, which become fully vested upon Amazon achieving cumulative future purchases of $280-million (U.S.), with a portion of the warrants vesting immediately upon execution of the agreement, and an exercise price based on the five-day volume-weighted average trading price immediately prior to the date of the agreement.

Additional information

The corporation intends to file a material change report in respect of the transactions described in this news release, which will be available under the corporation's profile on SEDAR+ and corresponding filings on EDGAR. Copies of the relevant material agreements relating to the warrant transaction will also be filed with applicable Canadian and U.S. securities regulators.

The Toronto Stock Exchange has conditionally approved the listing of the common shares issuable pursuant to the warrants, subject to the satisfaction of customary listing conditions.

The foregoing summary of the warrants and related transactions is qualified in its entirety by the full text of the applicable transaction documents to be filed by the corporation.

About Electrovaya Inc.

Electrovaya is a technology-driven lithium-ion-battery company commercializing its proprietary Infinity battery technology, designed for superior safety, longevity and performance in mission-critical industrial, robotics, defence and energy storage applications. The company leverages a strong intellectual-property portfolio and advanced material expertise to deliver durable, high-value battery solutions to global original equipment manufacturer and end-users. To support growing demand and advancing energy security and national security objectives, Electrovaya is expanding U.S. manufacturing through its 52-acre Jamestown, N.Y., site, which includes a 137,000-square-foot facility planned as its first gigafactory. Electrovaya also operates two Canadian sites focused on research, engineering and product commercialization.

We seek Safe Harbor.