Mr. Jason Roy reports

ELECTROVAYA RECEIVES FUNDING FROM THE GOVERNMENT OF CANADA

Electrovaya Inc. will receive a $2-million investment from the government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). This funding will be used to support investments in automation, AI (artifical intelligence) and capacity enhancements at Electrovaya's Mississauga, Ont., manufacturing facility.

"We are pleased to receive this non-dilutive funding from FedDev Ontario, which will be used to support further investments in our Canadian operations," said Dr. Raj DasGupta, chief executive officer of Electrovaya. "This funding will help assist the company in its goal to scale deployments of its Infinity lithium-ion battery technology in a wide range of applications that require industry-leading safety and longevity, including robotics, material handling, locomotives and other mission-critical applications."

"Southern Ontario has a rapidly growing [electric vehicle] sector, and is home to many leading manufacturers across the EV supply chain that are using their expertise and talent to drive our EV sector forward," said Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. "The government of Canada is committed to supporting these companies, including Electrovaya, as they help Canada to make progress towards its goal of reaching net-zero emissions and build a competitive EV sector in the region."

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, 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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