http://www.electrovaya.com/pdf/PR/2012/PR20120813.pdf

Toronto, Ontario – August 13, 2012 – Electrovaya Inc. (TSX: EFL) today announced financial results
for the third quarter of Fiscal 2012 ending June 30, 2012. All figures are in US dollars. This quarter is
Electrovaya’s third quarter of reporting under International Financial Reporting Standards (“IFRS”).
Financial Highlights:
 Cash was $3.7 million, a slight increase from $3.6 million as at March 31, 2012.
 Revenue was $1.5 million in Q3, FY 2012 compared to $2.4 million in Q2 FY 2012.
 Gross profit was $314,000 or 20.4% in Q3 and 23.7% or $1,527,000 for the nine months ending
June 30, 2012.
 The increase in the Loss from operations was primarily due to an increase in Research and Development expenses, which increased by $1,417,000 from $367,000 during the same quarter in the prior year to $1,784,000 in the current quarter as the Company is in the process of changing over to Electrovaya’s upcoming next generation cell (Mn-HP).
Business Highlights:
 Next Generation Cell Technology and Production Re-engineering: During the quarter we significantly increased our activities on Research and development to improve our cell
technology, automate and re-engineer our production processes and enhance our existing Intellectual Property. Electrovaya is finding large interest in both the storage and transportation sector. To meet this increased demand, Electrovaya is in the process of changing over to its next generation cell technology (MN-HP) which is expected to exceed 200 Wh/kg in Energy Density. The production flow is undergoing re-engineering to facilitate and deliver this next generation technology. Higher Energy Density allows smaller systems with lower materials usage and with less flammable components.
 We also announced the introduction of the new PowerPad 600. With an enormous 600 Watt hour energy storage capacity, the PowerPad 600 is an ideal replacement for existing lead acid and low energy density Lithium Ion batteries used in Hospitals, Construction sites, Warehouses, Telecommunications, Retail, Standby Power and wherever mobile power is required. The PowerPad 600 extends the PowerPad family of products and is in addition to the existing PowerPad 130.
 Electrovaya has a large pipeline of projects in the Grid Storage arena. Electrovaya continues to work on MW size grid storage projects and was invited speaker at a number of major Utility Grid Storage conferences. Electrovaya is in discussion with major Utilities in Asia, Europe and the Americas on Grid Storage projects.
 Electrovaya continues to work on Automotive and transportation projects. These electric vehicle projects are expected to gather momentum next year. Electrovaya’s high energy density and non- toxic production process resonates well with the Green Electric Vehicle OEMs.
“We believe it extremely important that Electrovaya build on its position of technology leadership so that we are able to continue to grow our market share in the clean transportation and storage grid markets” said Paul Hart, Chief Financial Officer. “By focussing on improvements in our cell technology and increased energy density during this quarter and future quarters, we are able to offer our customers lighter and smaller solutions than many of our competitors.” comments Dr. Sankar Das Gupta, Chief Executive Officer. “In addition, our ethical and non-toxic manufacturing process makes us unique and is extremely important for those customers that require a supply chain that is environmentally friendly. The combination of this technology leadership position and our non-toxic manufacturing process is expected to result in a sustainable growth path over the next few years.” “Higher energy density reduces system costs, positioning us for greater profitability as we meet the demands of our growing sales pipeline in both Grid Storage and Electric Vehicles adds Paul Hart, Chief Financial Officer.
The Company’s complete Fiscal 2012 Third Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company’s website at www.electrovaya.com.
Electrovaya will hold a conference call on August 14, 2012 at 8:00 a.m. Eastern Time (ET) to discuss the
Company's financial results.
Conference Call Details:
U.S and Canada toll free: (877) 407-8291
International: +1 (201) 689-8345
To help ensure that the conference begins in a timely manner, please dial in 10 minutes prior to
the start of the call. For those unable to participate in the conference call, a replay will be
available for two weeks beginning on August 14, 2012 through August 21, 2012. To access the
replay, the U.S. dial-in number is (877) 660-6853 and the non-U.S. dial-in number is +1 (201)
612-7415. The replay access account is 393# and the conference ID is 398996#.