Electrovaya Named to 2017 OTCQX Best 50

TORONTO, ON--(Marketwired - February 02, 2017) - Electrovaya (TSX: EFL) (OTCQX: EFLVF) is pleased to announce it has been named to the 2017 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year.

The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX market. The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year. Companies in the 2017 OTCQX Best 50 were ranked based on their performance in 2016.

Commenting on the ranking Electrovaya EVP and CFO, Richard Halka stated, "We are pleased to have ranked 12^th on the 2017 OTCQX Best 50 ranking. 2016 has been a transitional year for us as we position our business and products for growth in 2017. We are committed to achieving our vision for renewable energy and mitigation of climate change through the adoption of our advanced Lithium Ion Battery solutions in a variety of industries and applications."

For the complete 2017 OTCQX Best 50 ranking, visit

http://web.otcmarkets.com/otcqx-best-50/

The OTCQX Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws and have a professional third-party sponsor introduction. The companies found on OTCQX are distinguished by the integrity of their operations and diligence with which they convey their qualifications.

About Electrovaya Inc.

Electrovaya Inc. (TSX: EFL) (OTCQX: EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymer® 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.