Electrovaya Provides Update on Corporate Developments

TORONTO, ONTARIO--(Marketwired - Nov. 20, 2017) - Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQX:EFLVF), today provided an update on recent corporate developments at the Company.

A recent matter is that a fifth U.S. Fortune 500 Company has issued a purchase order to Electrovaya for its lithium ion ceramic forklift battery. The order, which was placed through a US equipment dealer, follows on earlier announced orders from Mondelez International Inc. and Wal-Mart Stores Inc. (through its Canadian subsidiary) along with two other US Fortune 500 Companies for Electrovaya's lithium ion ceramic battery system. This battery is a green tech solution that is particularly well suited to the materials handling vehicle sector.

The Electrovaya battery can improve productivity, reduce maintenance, and has the potential to reduce peak demand as well as decrease electricity usage in heavy-duty 24/7 distribution and manufacturing environments. The Electrovaya batteries include the proprietary ceramic separator, SEPARION™, which provides enhanced safety and cycle life.

The Company continues to pursue opportunities with OEM manufacturers and is in various stages of business development with ongoing and potential customers in sectors that include electric delivery trucks, electric buses and energy storage.

In the forklift and Material Handling Vehicles (MHV) sector, two large corporations will be testing in their distribution warehouses, the company's batteries during the Black Friday to pre-Christmas period, the most demanding time of year in retailing and e-commerce. Electrovaya now has about 20 battery packs which are carrying out demonstration programs in multiple corporations. The focus is large sophisticated companies who can distinguish differentiating aspects of the Electrovaya battery in its logistics, warehousing or manufacturing operations.

Electrovaya is also pursuing follow-up business with companies that have placed initial orders for forklift batteries. The Company has conducted testing in multiple warehouse and other locations including both cold and room temperature distribution spaces. While the sales cycle is long and there is no guarantee that the Company's initiatives will result in significant orders, Electrovaya is pleased with the performance of its batteries in both testing and initial deployments.