Electrovaya Receives Additional US$8 Million Battery Order from Existing Fortune 100 Customer

Repeat order represents over $12 million in purchases by this customer over the last 12 months for material handling electric vehicle batteries

TORONTO, ON / ACCESSWIRE / November 7, 2023 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today announced the receipt of a battery purchase order through one of its OEM sales channels valued at over US$8 million. The batteries will be used by a leading Fortune 100 company in the United States for material handling electric vehicles.

Foto: Accesswire

"We are delighted to announce a significant repeat order with this leading Fortune 100 retail customer," said Dr. Jeremy Dang, Vice President of Business Development at Electrovaya. "This deal is a testament to Electrovaya's commitment to providing reliable solutions at the lowest total cost of ownership for our customers and further demonstrates the effectiveness of the Infinity battery technology with its outstanding safety and longevity. Given this accelerated pace of ordering, we anticipate that this Fortune 100 company could become Eletrovaya's third largest user for material handling electric vehicles."

Investor and Media, please contact:
Jason Roy
Director, Corporate Development and Investor Relations
Electrovaya Inc.
905-855-4618
[e-mail]

Brett Maas, Managing Partner
Hayden IR
646-536-7331
[e-mail]

About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) 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. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its Infinity Battery Technology Platform. This technology offers enhanced safety and industry leading battery longevity. The Company is also developing next generation solid state battery technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000 square foot manufacturing facility in New York state for its planned gigafactory. To learn more about Electrovaya, please explore www.electrovaya.com.