Mr. Jason Roy reports

ELECTROVAYA INC. CLOSES FULL EXERCISE OF OVER-ALLOTMENT OPTION FOR AN ADDITIONAL US$1.7 MILLION

In connection with Electrovaya Inc.'s previously completed public offering of 5,175,000 common shares in the capital of the company at the price of $2.15 (U.S.) per common share for gross proceeds of approximately $11.1-million (U.S.) that Roth Capital Partners, acting as sole book-running manager, and Raymond James Ltd. and Craig-Hallum Capital Group LLC acting as the co-lead book-running managers in the offering, have purchased an additional 776,250 common shares at the offering price, for additional gross proceeds to the company of $1,668,937.50 (U.S.), before deducting the underwriting commissions, pursuant to their exercise in full of the overallotment option.

After giving effect to the full exercise of the overallotment option, the company sold 5,951,250 common shares under the offering, for aggregate gross proceeds of $12,795,188.00 (U.S.).

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 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 Securities and Exchange Commission (the 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 for free on the SEC's website and the prospectus supplement and accompanying base shelf prospectus filed in Canada are available on the company's profile on the SEDAR+ website. Copies of the prospectus supplement and accompanying prospectus relating to the offering 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.

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.

We seek Safe Harbor.