Electrovaya’s Electric Forklift Battery Line Expanded to More Than 25 Models

Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL;OTCQX: EFLVF) today announced that it has launched more than 25 different lithium ion ceramic battery models for the electric forklift market. This accelerated development was carried out over the last 20 months after the initial launch of just two battery models in 2017. The Company is now able to provide complete battery motive power solutions for the vast majority of warehouse configurations.

The batteries currently available include 24V, 36V, 48V and most recently 80V in energy capacities ranging from 6 kWh to 63 kWh. The battery systems are available in different shapes and sizes to meet a multitude of Class I, II and III forklift truck models from various manufacturers. The batteries can also be digitally integrated with a variety of electric forklift trucks.

The users of Electrovaya’s batteries are primarily large, sophisticated customers in diverse sectors including automotive and other manufacturing, e-commerce, distribution and warehousing.

By eliminating lead acid batteries from their forklift fleets and replacing them with Electrovaya’s lithium ion batteries, distribution centres can:

• Reduce manpower through the removal of lead acid battery changes and maintenance
• Eliminate lead acid battery charging rooms
• Reduce gas handling, ventilation and acid spills from lead acid batteries
• Remove any need to keep environmental records on lead batteries in inventory
• Reduce the number of chargers
• Improve their environmental footprint through reduced energy consumption and through the ability to charge during off-peak hours

Electrovaya’s lithium ion ceramic batteries are currently operating in 23 locations, including 20 in the United States, two in Canada and one in Mexico. The Company’s batteries are known for their superior cycle life, safety, energy and power attributes, which are vital for electric forklifts and other intensive-use applications.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary lithium ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.

To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.