Electrovaya Receives US$3.05 million Battery Order for Materials Handling Electric Vehicles

TORONTO, ON / ACCESSWIRE / January 12, 2022 / Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF), a lithium-ion battery manufacturer with differentiated intellectual property that allows heightened safety and improved longevity enabling industry-leading performance, today announced the receipt of a battery purchase order through its OEM sales channel valued at about US$3.05 million. The batteries will be used by a leading Fortune 100 company to power Materials Handling Electric Vehicles ("MHEVs") in a new distribution centre in the United States.

This purchase order follows the successful deployment of Electrovaya batteries in two of the end user's distribution centers in 2021, which the Company announced on July 20, 2021. The Company expects to deliver the batteries during its fiscal second quarter ending March 31, 2022.

The end user has indicated that it will purchase additional Electrovaya batteries in the first half of calendar 2022 to power MHEVs at other sites. Deliveries, of such potential orders, are expected to be made during Electrovaya's 2022 fiscal year, however there is no certainty for any such orders and deliveries.

"Not only is this an exciting project, but it also demonstrates the Company's ability to make rapid deliveries for large projects. Taking into account the end user's forecasts for additional sites, we expect that this user will become Electrovaya's single largest operator of MHEV batteries by the end of the year," said Dr. Raj DasGupta, COO of Electrovaya.

For more information, please contact:

Investor & Media Contact:
Jason Roy; jroy@electrovaya.com
Tel: 905-855-4618
Web: www.electrovaya.com

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) 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.. Electrovaya is a technology-focused company with extensive IP, designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.

Forward-Looking Statements

This press release contains forward-looking statements relating to the deployment of the Company's products by the Company's customers and the timing for delivery thereof, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors and assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Statements with respect to the purchase and deployment of the Company's products by the Company's customers and users, and the timing for delivery thereof, and levels of expected sales and expected further purchases and demand growth are based on an assumption that the Company's customers and users will deploy its products in accordance with communicated intentions, that the Company will be able to deliver the ordered products on a basis consistent with past deliveries, and that the company's anticipation of additional purchase orders from the user in the first half of calendar 2022 to power Materials Handling Electric Vehicles at other sites and delivered during Company's 2022 fiscal year, and the anticipation of the Company delivering batteries in Q2 FY2022 on the present purchase order are all based on assumptions by the company and its users. Important factors that could cause actual results to differ materially from expectations include but are not limited to macroeconomic effects on the Company and its business and on the Company's customers, economic conditions generally and their effect on consumer demand, labour shortages, supply chain constraints, the potential effect of COVID restrictions in Canada and internationally on the Company's ability to produce and deliver products, and on its customers' and end users' demand for and use of products, which effects are not predictable and may be affected by additional regional outbreaks and variants, and other factors which may cause disruptions in the Company's supply chain and Company's capability to deliver the products. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Annual Information Form for the year ended September 30, 2021 under "Risk Factors", and in the Company's most recent annual Management's Discussion and Analysis under "Qualitative And Quantitative Disclosures about Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Electrovaya, Inc.