Electrovaya Announces Memorandum of Understanding With Major Asian Conglomerate

Electrovaya Announces Memorandum of Understanding With Major Asian Conglomerate 
MOU envisages minority investment in Electrovaya, joint marketing
arrangement, Joint Venture opportunities and business co-operation in
all other areas including material sourcing and project financing 
TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 -- Electrovaya Inc.
(TSX:EFL) today announced that it has entered into a MOU with a major
Asian conglomerate with interests in the automotive, energy, chemical
and other business areas globally. The MOU contemplates a
relationship that includes:  

1.  Minority Equity interest in Electrovaya (up to 10%) 
2.  Marketing and procurement of Electrovaya's Lithium Ion batteries in
    areas such as energy storage for the grid, smart city, smart grid and
    other sectors where energy storage is necessary 
3.  Joint Venture and equity interest in a lithium Ion battery manufacturing
    plant in India  
4.  Procurement of the raw materials and/or facilities necessary for
    production of Lithium Ion batteries

"This relationship provides significant growth opportunities as it
leverages the collective resources of this global conglomerate and
Electrovaya with our products, technology and non-NMP manufacturing
process." says Dr. Sankar Das Gupta, Chief Executive Officer of
Electrovaya. "This enables us to expand our reach within our current
energy storage markets not only in North America but throughout
Europe and Asia." continues Dr. Das Gupta.  
"This partner brings significant fiscal and balance sheet strengths,
Global reach in marketing, procurement and manufacturing that should
be invaluable to the growth of Electrovaya." says Paul Hart, Chief
Financial Officer. 
About Electrovaya Inc: 
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures
proprietary Lithium Ion SuperPolymer(R) batteries, battery systems,
and battery-related products for the clean electric transportation,
Utility Scale Energy Storage and smart grid power, consumer and
healthcare markets. The Company's mission is to accelerate clean
transportation as a commercial reality with its advanced power system
for all classes of zero-emission electric vehicles and plug-in hybrid
electric vehicles. The Company's other mission is to deliver Utilit
Scale Energy Storage Systems for the highest efficiency in
electricity storage, whether the electricity is generated from
intermittent wind and solar power or from other sources. Founded in
1996 and headquartered in Ontario, Canada, Electrovaya has production
facilities in Canada as well as in the US, and customers around the
globe. To learn more about how Electrovaya is powering mobility,
please explore www.electrovaya.com. 
Forward-Looking Statements 
This press release contains forward-looking statements that involve a
number of risks and uncertainties, including statements that relate
to, among other things, the Company's objectives, goals, strategies,
intentions, plans, beliefs, expectations and estimates, and can
generally be identified by the use of words such as "may", "will",
"could", "should", "would", "likely", "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: 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. 
Electrovaya Inc.
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