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Press release from Marketwire

Electrovaya Starts Delivery of Lithium Ion Superpolymer(R) 2.0 Batteries for Dongfeng Motors for Its Electric Vehicle Program in China

Electrovaya's fast-track development team completes the design, build and test of a new automotive battery system in four months.

Wednesday, May 08, 2013

Electrovaya Starts Delivery of Lithium Ion Superpolymer(R) 2.0 Batteries for Dongfeng Motors for Its Electric Vehicle Program in China

07:00 EDT Wednesday, May 08, 2013

TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Electrovaya Inc. (TSX:EFL) announced that it has started the delivery of automotive electric vehicle battery systems to China, with the delivery of the first prototype for DongFeng Motors (DFM). DFM, a leading Chinese automaker, is planning a major electric vehicle program, which includes two electric vehicle platforms. Electrovaya's Lithium Ion SuperPolymer ® 2.0 battery consists of high energy density cells and a Battery Management System (BMS) along with sub-assemblies consisting of mechanical, thermal, electrical and electronics components. The Electrovaya battery design is flexible and fits both the 2-door and 4-door electric vehicle platforms from DFM and a number of such battery systems will be delivered by Electrovaya.

"DFM plans to deliver a significant number of electric vehicles over the next 10 years," says Joseph Chao, Electrovaya's Senior Consultant for the Chinese electric vehicle market. "This is a critical contract for both groups. DFM presently manufacturers over 3.5 million vehicles in China and its electric vehicle program has the potential to become one of the major players in the Chinese market."

"We are pleased to begin delivery of the battery systems for DFM. Electrovaya's design team put together a 'fast-track multi-disciplinary team' which carried out a complete design, build and test for this automotive electric vehicle program in 4 months. This is the start of a development program which will evolve through a series of prototype units as we showcase our next generation battery systems for the electric vehicle market," says Dr. Rajshekar Das Gupta, Vice President, Electrovaya.

About Electrovaya Inc:

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® 2.0 batteries, battery systems, and battery-related products for the clean electric transportation, utility-scale energy storage and smart grid power, consumer and healthcare markets. The Company's mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. The Company's other mission is to deliver utility-scale energy storage systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has facilities in Canada and elsewhere, and customers around the globe.

Twitter: @Electrovaya

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to, among other things, the Company's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties", as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Electrovaya Inc.
Sri Reddy
408-605-4150
sri@electrovaya.com


Investor Relations
905-855-4618
ir@electrovaya.com
www.electrovaya.com

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