Mr. Jason Roy reports

ELECTROVAYA INC. ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON SHARES AND FILES PRELIMINARY PROSPECTUS SUPPLEMENT

Electrovaya Inc. is commencing an underwritten public offering of its common shares. All of the shares are being offered by the company.

The shares will be offered in the United States pursuant to a shelf registration statement (including a prospectus supplement thereto) previously filed with and declared effective by the U.S. Securities and Exchange Commission (SEC) on Sept. 25, 2024, in accordance with the multijurisdictional disclosure system established between Canada and the United States, and will be qualified for distribution in the provinces and territories of Canada by way of a prospectus supplement to the company's base shelf prospectus dated Sept. 17, 2024, provided that no securities will be sold in the province of Quebec.

Roth Capital Partners, Raymond James Ltd. and Craig-Hallum Capital Group LLC are acting as the co-lead bookrunning managers for the proposed offering.

The company intends to use the net proceeds from the offering to satisfy the cash collateral conditions for the loan approved by the Export-Import Bank of the United States announced by the company on Nov. 14, 2024, for repayment of amounts under the company's existing working capital facility in advance of proposed bank refinancing and for the costs of such financing, and for satisfaction of certain outstanding amounts in connection with the purchase of the company's Jamestown, N.Y., manufacturing facility.

The offering is expected to be priced in the context of the market, with the final terms of the offering to be determined at the time of pricing. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The closing of the offering will be subject to customary closing conditions, including the listing of the common shares on the Toronto Stock Exchange and the Nasdaq Capital Market, and any required approvals of TSX and Nasdaq.

A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC's website, and the prospectus supplement filed in Canada will be available on the company's profile on SEDAR+. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Roth Capital Partners LLC at 888 San Clemente Dr., Newport Beach, Calif., 92660, by phone at 800-678-9147 or e-mail at rothecm@roth.com. Prospective investors should read the preliminary prospectus supplement and accompanying prospectus relating to the offering, and the base shelf prospectus and the other documents the company has filed before making an investment decision.

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 without compromising energy and power. The company has extensive IP (intellectual property), and designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000-square-foot manufacturing facility in Jamestown, N.Y., for its planned gigafactory.

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