Electrovaya Completes $2 million Private Placement

TORONTO, ONTARIO--(Marketwired - Dec. 27, 2017) -

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Electrovaya Inc. (TSX:EFL)(OTCQX:EFLVF) ("Electrovaya", or the "Company") is pleased to announce that it has completed its previously announced private placement of 3,333,333 units (the "Units") for gross proceeds of $2,000,000.

Each Unit comprises one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.73 for a period of 60 months from the closing of the Offering.

The Common Shares and Warrants composing the Units are subject to a hold period of four months plus a day from the date of issuance pursuant to applicable securities laws. The proceeds of the Offering will be used for general working capital purposes.

The Common Shares composing the Units and underlying the Warrants have been conditionally approved for listing on the Toronto Stock Exchange.

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 patents and other Intellectual Property. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.

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

This press release contains forward‐looking statements, including statements that relate to, among other things, the use of proceeds of the private placement, revenue forecasts, 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: market conditions and demand for the Company's securities; 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.