Electrovaya Receives Follow-up Purchase Order from US Fortune 100 Company for its Lithium Ion Ceramic Drop-In Replacement Forklift Battery

TORONTO, ONTARIO--(Marketwired - Nov. 29, 2017) - Electrovaya Inc. ("Electrovaya" or the 'Company") (TSX:EFL)(OTCQX:EFLVF), today announces that a U.S. Fortune 100 company has placed a second purchase order with Electrovaya for its lithium ion ceramic forklift battery. The second order amounted to US$ 167,000 (C$ 214,000).

This purchaser is one of the five US Fortune 500 companies who have earlier issued initial purchase orders to Electrovaya for its forklift batteries. Over the last three months, Electrovaya has added four Fortune 500 clients for its lithium ion ceramic drop-in replacement battery and we are pleased with the continuing momentum evidenced by this US Fortune 100 purchaser adding a second purchase order to its initial order last month.

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. While the sales cycle could be 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 and this repeat order from a US Fortune 100 Company.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL)(OTCQX:EFLVF), designs, develops and manufactures proprietary Lithium-ion Ceramic Batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces cells, electrodes and SEPARION™ ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.

Background on Electrovaya

Electrovaya, founded in 1996, is a fully-integrated designer and manufacturer of ceramic lithium ion batteries designed to replace lead acid batteries in forklifts. Electrovaya can deliver full battery systems with integrated Battery Management (BMS) as well as components such as electrodes, separators, cells and modules. Electrovaya's battery is distinguished by industry leading safety and cycle-life as well as sophisticated software and hardware in its Battery Management System (BMS).