Green tech solution allows for reduced energy consumption, lower environmental concerns and increased productivity
TORONTO, ONTARIO--(Marketwired - Nov 29, 2017) - Electrovaya Inc. ("Electrovaya" or the 'Company") (TSX:EFL)(OTCQX:EFLVF),
today announces that a U.S. Fortune 100 company has placed a second purchase order with Electrovaya for its lithium ion ceramic
forklift battery. The second order amounted to US$ 167,000 (C$ 214,000).
This purchaser is one of the five US Fortune 500 companies who have earlier issued initial purchase orders to Electrovaya for
its forklift batteries. Over the last three months, Electrovaya has added four Fortune 500 clients for its lithium ion ceramic
drop-in replacement battery and we are pleased with the continuing momentum evidenced by this US Fortune 100 purchaser adding a
second purchase order to its initial order last month.
The Electrovaya battery can improve productivity, reduce maintenance, and has the potential to reduce peak demand as well as
decrease electricity usage in heavy-duty 24/7 distribution and manufacturing environments. The Electrovaya batteries include the
proprietary ceramic separator, SEPARION™, which provides enhanced safety and cycle life. While the sales cycle could be long and
there is no guarantee that the Company's initiatives will result in significant orders, Electrovaya is pleased with the
performance of its batteries in both testing and initial deployments and this repeat order from a US Fortune 100 Company.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL)(OTCQX:EFLVF), designs, develops and manufactures proprietary Lithium-ion Ceramic 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.
Background on Electrovaya
Electrovaya, founded in 1996, is a fully-integrated designer and manufacturer of ceramic lithium ion batteries designed to
replace lead acid batteries in forklifts. Electrovaya can deliver full battery systems with integrated Battery Management (BMS)
as well as components such as electrodes, separators, cells and modules. Electrovaya's battery is distinguished by industry
leading safety and cycle-life as well as sophisticated software and hardware in its Battery Management System (BMS).
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Electrovaya works closely with multiple OEMs to ensure that the batteries interface correctly to the OEM vehicles.
Operator efficiency gains may be realized through potential cost reduction related to multiple batteries, battery swapping,
battery sheds and related logistics, battery maintenance, and inefficient recharging. The user benefits from the possibility to
charge off peak, more efficient charging, elimination of acid and hydrogen fumes and general improvements in efficiency.
Please see websites for more information: www.electrovaya.com (please
click on components and mobility); www.litarion.com (please see Litacell™
and Separion™ data sheets).
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, the
ability to drive sales through OEM channels and direct sales to customers, ability to receive further purchase orders, ability to
deliver on such purchase orders , revenue forecasts, potential efficiency and productivity gains from using the
Company's products, technology development progress, plans for shipment using the Company's technology, production plans, the
Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be
identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "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.