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Electrovaya Receives Funding from the Government of Canada

electrovaya canada funding

Electrovaya Receives Funding from the Government of Canada

C$2 million in funding to support investments in Electrovaya’s Canadian facility for automation and capacity enhancements

Electrovaya Inc. (“Electrovaya” or the “Company”) (NASDAQ: ELVA; TSX: ELVA.TO), a lithium ion battery technology and manufacturing company, announced a C$2-million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). This funding will be used to support investments in automation, AI and capacity enhancements at Electrovaya’s Mississauga, Ontario manufacturing facility.

Dr. Raj DasGupta, CEO of Electrovaya, said :

We are pleased to receive this non-dilutive funding from FedDev Ontario, which will be used to support further investments in our Canadian operations,

“This funding will help assist the company in its goal to scale deployments of its Infinity Lithium Ion Battery technology in a wide range of applications that require industry leading safety and longevity including robotics, material handling, locomotives and other mission critical applications.”

The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario, said :

Southern Ontario has a rapidly growing EV sector and is home to many leading manufacturers across the EV supply chain that are using their expertise and talent to drive our EV sector forward,

“The Government of Canada is committed to supporting these companies, including Electrovaya, as they help Canada to make progress towards its goal of reaching net-zero emissions and build a competitive EV sector in the region.”

For more information, please contact:

Investor and Media Contact:

Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618

Brett Maas
Hayden IR
elva@haydenir.com
646-536-7331

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Edward.hutchinson@feddevontario.gc.ca

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