http://www.electrovaya.com/pdf/PR/2013/PR20130214A.pdf

TORONTO, ONTARIO--(Feb. 14, 2013) - Electrovaya Inc. (TSX:EFL) today announced financial results for the first quarter of Fiscal 2013 ending December 31, 2012. All figures are in US dollars.

Financial Highlights:

• Revenue was $1.6 million in Q1, FY 2013 compared to $2.5 million in the same quarter in the prior year. Electrovaya has been developing a lithium ion battery system with enhanced safety features. Shipment of batteries in Q1 and Q2 are delayed due to this development and these delayed revenues will be made up in the second half of the year. Electrovaya's next generation Lithium Ion battery system with enhanced safety features will be launched later this quarter.
  
  
• Profit from operations (Non-IFRS) was $35,000 compared to $10,000 in the same period in the prior year.
  
  

Business Highlights:

• In January, 2013 Electrovaya received an initial contract to produce battery prototypes to deliver complete electric vehicle battery systems for DongFeng Motors' two electric vehicle platforms. DongFeng Motors (DFM) plans to commercially launch their electric vehicles soon, as China gears up to rapidly incorporate clean zero emission electric vehicles into their urban transportation mix. The Chinese Government has announced an ambitious electric vehicle program and DFM, owned by the Chinese Government, is one of China's top automotive companies with an annual production of around 3.5 million vehicles. Electrovaya's 18kWh Lithium Ion SuperPolymer® battery for DFM consists of its proprietary high energy density cells and BMS (Battery Management System) along with mechanical, thermal and electronic subassemblies.
  
  
• Electrovaya exhibited in January 2013 at the World Future Energy Summit in Abu Dhabi, UAE. The demand for Energy Storage in the region is very large as massive solar fields are being developed and all need energy storage to support such installations.
  
  
• Electrovaya continues to automate its key battery cell manufacturing processes as it introduces its next-generation non-NMP cell and battery technology.
  
  

"Our sales pipeline continues to grow rapidly, while we are completing the development of the next generation lithium ion batteries with enhanced safety features," said Dr. Sankar Das Gupta, Chairman and CEO.

The Company's complete First Quarter 2013 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 February 15, 2013 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

Conference ID: 409374

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 at noon p.m. (ET) on February 15, 2013 through 11:59 p.m. (ET) on February 22, 2013. 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 conference ID is 409374#.