Dr. Jeremy Dang reports

ELECTROVAYA RECEIVES PURCHASE ORDERS FOR BATTERIES FROM FORTUNE 500 CUSTOMER FOR RE-POWERING TWO EXISTING DISTRIBUTION CENTERS

Electrovaya Inc. has received a purchase order valued at approximately US$4.1 million for immediate delivery of its batteries. The batteries will be used by a leading Fortune 500 retailer in the United States for powering material handling electric vehicles in two existing warehouse sites. Additional sites are also being planned for conversion on top of the two orders received.

"We are very pleased to announce this repeat order with a leading retailer and more importantly, to elevate this relationship towards achieving their energy efficiency initiatives," said Dr. Jeremy Dang, vice-president of business development at Electrovaya. "This customer has been one of the largest users of our batteries since 2022 with over 1,000 batteries in operation and with further intentions to repower additional distribution centres' fleets in 2025. This order is a testament of Electrovaya's commitment to providing industry leading battery solutions to our customers."

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 IP (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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