Mr. Jason Roy reports

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

Electrovaya Inc. has successfully closed 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 for gross proceeds of approximately $11.1-million (U.S.), before deducting the underwriting discounts and commissions and estimated expenses incurred in connection with the offering.

Roth Capital Partners LLC acted as sole bookrunning manager, and Raymond James Ltd. and Craig-Hallum Capital Group LLC acted as the co-lead bookrunning managers in the offering.

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

The company intends to use the net proceeds from the offering to satisfy conditions associated with 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 the satisfaction of certain outstanding amounts in connection with the purchase of the company's Jamestown, N.Y., manufacturing facility.

The common shares were offered in the United States pursuant to a shelf registration statement (including a prospectus supplement thereto) previously filed with and declared effective by the United States Securities and Exchange Commission (SEC) on Sept. 25, 2024, in accordance with the multijurisdictional disclosure system established between Canada and the United States, and were 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. No securities were sold in the province of Quebec.

The prospectus supplement and accompanying shelf registration are available, without charge, on the SEC's website, and the prospectus supplement and accompanying base shelf prospectus filed in Canada are available under the company's profile on SEDAR+. Copies of the prospectus supplement and accompanying prospectus relating to the offering may also be obtained by contacting Roth Capital Partners at 888 San Clemente Dr., Newport Beach, Calif., 92660, by phone at 800-678-9147, or by e-mail at rothecm@roth.com.

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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