Mr. Jason Roy reports

ELECTROVAYA INC. ANNOUNCES PRICING OF US$11.1 MILLION PUBLIC OFFERING OF COMMON SHARES

Electrovaya Inc. has priced its previously announced public offering of 5,175,000 common shares in the capital of the company at a price to the public of $2.15 (U.S.) per common share.

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

In addition, the company has granted Roth a 45-day overallotment option to purchase up to an additional 776,250 common shares at the public offering price, less underwriting discounts and commissions.

The gross proceeds from the offering to the company, before deducting underwriting discounts and commissions as well as other offering expenses and excluding any proceeds that may be received upon exercise of the underwriters' option to purchase additional common shares, are expected to be approximately $11.1-million (U.S.), or approximately $12.8-million (U.S.) if Roth exercises its overallotment option in full. 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, 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 satisfaction of certain outstanding amounts in connection with the purchase of the company's Jamestown, N.Y., manufacturing facility.

The offering is expected to close on or about Dec. 18, 2024, subject to the satisfaction of customary closing conditions, including the listing of the common shares to be issued under the offering on the Toronto Stock Exchange and the Nasdaq Capital Market, and the receipt of any required approvals of the TSX and the Nasdaq.

The offering is being made 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.

A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and will be available, without charge, on the SEC's website, and the prospectus supplement filed in Canada will be available under the company's profile on SEDAR+. Copies of the prospectus supplement and the 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 by e-mail at rothecm@roth.com. Prospective investors should read the prospectus supplement, 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 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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