Dr. Raj DasGupta reports

ELECTROVAYA ANNOUNCES COMMENCEMENT OF JAMESTOWN BATTERY MANUFACTURING FACILITY CAPITAL PURCHASES AND HIRING

Electrovaya Inc. has begun making capital investments for its planned Jamestown battery manufacturing facility along with hiring initial personnel. These initial procurements include battery system manufacturing and testing equipment, along with awarding engineering work, to prepare for further investments pertaining to planned cell manufacturing investments.

These initial investments are meant to provide the company an ability to start battery system assembly by calendar Q2 2025. Electrovaya has increasing demand for its products from a wide range of heavy-duty and mission-critical electrified applications, and it has been a priority of the company to expand its manufacturing operations in the United States for these vital products.

"We are excited to start these initial investments at our Jamestown facility with the aim of being able to start assembly in the near term," said Dr. Raj DasGupta, chief executive officer of Electrovaya. "We are also making progress with regards to our detailed planning for the larger capital investments associated with the planned lithium-ion cell manufacturing activities."

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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