Dr. Raj DasGupta reports

ELECTROVAYA ANNOUNCES APRIL 2025 STARTUP FOR JAMESTOWN BATTERY SYSTEM ASSEMBLY OPERATIONS

Electrovaya Inc. is completing preparations to be in a position to start-up the first phase of battery system manufacturing operations in April, 2025, earlier than initially planned. Initial investments into assembly and testing equipment have been made and the team in place in Jamestown is growing with new hires.

Battery system assembly in Jamestown is the first part of Electrovaya's overall plan to invest in American manufacturing, which includes both lithium ion cells and battery systems, with overall investments estimated to exceed $70-million over this first phase in Electrovaya's 52-acre campus with an existing 137,000-square-feet industrial building. 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 assembly operations in Jamestown, a first step for what will be our largest manufacturing site with the majority of our staffing and capital investments," said Dr. Raj DasGupta, chief executive officer of Electrovaya. "Electrovaya is in an extremely strong position as we embark on these investments where we will be one of very few independent lithium ion battery manufacturers in the U.S. We also continue making progress with regards to our detailed planning for the larger capital investments associated with our scheduled 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 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 137,000-square-foot manufacturing facility in Jamestown, N.Y., for its planned gigafactory.

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