http://finance.yahoo.com/news/Electrovaya-Announces-iw-31525251.html?x=0&.v=1

- Fiscal 2009 Revenue of $3.8 Million, up 49% vs. Fiscal 2008
- Fourth Quarter Fiscal 2009 Net Operating Profit of $0.9 Million, compared to a $1.1 million loss for Q4, 2008.
- Fiscal 2009, losses narrow to $0.3 Million compared to a loss of $3.9 Million in Fiscal 2008.

TORONTO, ONTARIO--(Marketwire - 12/23/09) - Electrovaya Inc. (TSX:EFL - News) today announced financial results for the fourth quarter and fiscal year 2009 ended September 30, 2009. All figures are in US dollars.

Fourth Quarter Fiscal 2009 Financial Highlights

- Revenue totaled $1,435,000, a 119% increase over the $654,000 reported for the year ago quarter.

- Net Operating profit before interest, taxes, foreign exchange and amortization, totaled $942,000 compared to a loss of $1,100,000 reported for the year ago quarter.

Fiscal 2009 Financial Highlights

- Revenue totaled $3,782,000, a 49% increase over the $2,541,000 reported for the previous fiscal year.

- Loss from operations, before interest, taxes, foreign exchange, amortization, capital assets write-down and the gain on sale of investments narrows to $305,000, compared to $3.9 million in the prior fiscal year.

The Company had $5.6 Million in cash and cash equivalents at 30th September 2009, as compared to the $4.9 Million reported at 30th September 2008, an increase of $0.7 Million.

Fiscal 2009 Business Highlights

- In December, Electrovaya and HEROElectric signed a Memorandum of Understanding ("MOU") that sets out the general principals of a joint venture for the development and sale of zero-emission battery electric scooters and motorcycles. HEROElectric is a wholly-owned subsidiary of HEROGroup, which ranks amongst the Top 10 Indian Business Houses with an estimated turnover of over US$3.2-billion during the fiscal year 2005-2006. Its subsidiary Hero Honda is the world's largest two-wheeler manufacturer and controls nearly half of the market for two-wheelers in India with over 3.7 million units sold in 2008-9.

- In November, Electrovaya and Nippon Kouatsu Electric Co. Ltd. (NKE) signed a MOU for the development and sale of Electrovaya's integrated advanced battery storage systems for both stationary power and smart grid systems applications. Japan's peak and off-peak electricity pricing differential is sufficiently wide to create an excellent market for grid energy storage solutions. NKE is the only company in Japan that provides distribution equipment to all of the major 10 electric power utilities in Japan.

- In October, Electrovaya announced that it is accelerating the set-up of its joint-venture production facility in Norway with its joint-venture partner Miljobil Grenland. The Miljobil Grenland joint venture, of which Electrovaya is a shareholder, is establishing a Lithium Ion SuperPolymer� cell manufacturing facility in Norway.

- In August, Electrovaya was awarded an investment of up to Cdn $16.7 million to support battery research and pre-commercialization activities through the support of the Province of Ontario's Next Generation Job Fund. Ontario's Premier Dalton McGuinty, along with members of his caucus, made the announcement at Electrovaya's headquarters.

- In June, Electrovaya announced that it is powering the fleet of Maya-300 zero-emission electric vehicles in a unique demonstration program at the Maryland Science Center supported by ExxonMobil.

- In April, Electrovaya announced that it is powering the plug-in hybrid electric Hummer H3 showcased at the 2009 SAE World Congress. Later in August, this vehicle completed a test drive demonstrating a 50-mile all electric range.

- In November 2008, Electrovaya announced the signing of a MOU with Chana International Corp. (Chana) for zero-emission electric vehicles. Chana is China's third largest automaker with joint ventures with Ford, Mazda and Suzuki. China, along with the USA, is the world's largest automotive marketplace.

Over the calendar year, Electrovaya participated in several battery, electric vehicle and finance conferences. Most notably it was the only battery industry speaker at the OECD Conference on "Potential Environmental Benefits of Nanotechnology: Fostering Safe Innovation-Led Growth" in Paris. In addition, Electrovaya was an invited speaker at the 24th International Electric Vehicle Symposium, the IEEE Vehicle Power and Propulsion Conference, the inaugural Wedbush Morgan Securities' Clean Technology & Industrial Growth Conference, and many others.

"Fiscal 2009 marked a turning point for Electrovaya," commented Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "Over the course of the past fiscal year we have increased our presence in the global market for lithium ion batteries used for the electrification of vehicles and for smart grid applications. In addition to accomplishing these important business development milestones, in the fourth fiscal quarter we reached profitability, a significant achievement".

"As we look ahead to fiscal 2010, we are optimistic about our opportunities for continued growth as the macro-environment for our business improves and interest in our unique zero-emission, toxin-free manufacturing process is higher than it has ever been. We are seeing growing opportunities to add new customers and expand our presence in markets across the globe. In conjunction with these opportunities, we intend to continue our disciplined approach to managing our business, prudently investing to take advantage of emerging opportunities," concluded Dr. Das Gupta.

Summary of Financial Results

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In thousands of US$              3 months ended Sept 30    12 months ended
 except per share amounts                                      Sept 30
                                     2009      2008         2009       2008
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Revenue                           $ 1,435  $    654      $ 3,782   $  2,541
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Profit (Loss) from operations
 before interest, taxes, foreign
 exchange and amortization        $   942  $ (1,129)     $  (305)  $ (3,935)


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Profit (Loss) for the period          549     ($799)     $  (577)  $ (4,055)
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Gain (Loss) per share             $  0.01  $  (0.01)     $ (0.01)  $  (0.06)
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Cash & cash equivalents           $ 5,614  $  4,934      $ 5,614   $  4,934
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The Company's complete Fiscal 2009 Fourth Quarter and Annual Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com.