Electrovaya Reports Q3 FY2021 Financial Results - Seite 2

• On June 16, 2021, Electrovaya announced that the Company and its officers reached an agreement with the Administrator of Litarion GmbH ("Litarion") to mutually settle all potential claims as part of the termination of Litarion's insolvency proceedings. Electrovaya agreed to pay €221,000 as full and final settlement, which includes payment for certain intellectual property received by the Company. The payment is to be made in instalments over a nine-month period.
• On June 23, 2021, the Company announced that it has established a new operating division: Electrovaya Labs. Electrovaya Labs will focus on research, development, and commercialization of some of the fundamental technologies and intellectual property at Electrovaya. One key area of focus is the development of a solid-state battery.
• On July 14, 2021, Electrovaya announced that it has extended the term to maturity of its C$6 million promissory notes with a Canadian financial institution from June 30, 2021 to December 31, 2021. The effective interest rate was reduced from 11% to 10%.
• On July 20, 2021, the Company announced the following business updates:
  • Electrovaya received its first purchase orders from one of the world's largest e-commerce companies. The orders were valued at more than US$2 million and received through Electrovaya's OEM channel under its Strategic Supply Agreement.
  • The Company received repeat orders valued at approximately US$1.5 million through its OEM partner from two of the world's largest food manufacturing firms, headquartered in the United States and Europe, respectively; and
  • The Company received a purchase order worth approximately C$1 million from one of North America's largest food processing firms, headquartered in Canada. This order came through Electrovaya's direct sales channel.
• The Company continues to make significant progress in the e-bus market and anticipates increased revenue from this segment in the 2022 fiscal year.
• The Company is making progress with its capital market initiatives in Canada and the United States. Management and the Board of Directors will carefully monitor the capital markets and the benefits and risks to the Company before a decision is made regarding the next steps toward a potential listing on the NASDAQ Stock Market.

FY2021 Financial Outlook and Impact of COVID-19: