Mr. Jason Roy reports

ELECTROVAYA PROVIDES A BUSINESS UPDATE

Electrovaya Inc. today provided a business update highlighting recent insider share purchases, continued progress on its Jamestown gigafactory buildout and EXIM loan drawdowns, and planned deployment of capital from its recently completed equity financing.

Continued progress on United States EXIM-supported Jamestown manufacturing facility

Electrovaya continues to make steady progress on the buildout of its state-of-the-art lithium-ion cell and battery manufacturing facility in Jamestown, N.Y. The company has executed continued drawdowns under its previously announced direct loan facility from the Export-Import Bank of the United States (EXIM), supporting equipment procurement, commissioning and overall scale-up activities.

The EXIM-supported funding remains a critical catalyst for advancing Electrovaya's domestic manufacturing capabilities, enabling the company to serve the rapidly expanding demand for high-durability lithium-ion batteries across material handling, robotics, heavy equipment and stationary energy-storage markets.

Insider open-market purchases demonstrating management confidence

During the past week, Electrovaya's chief executive officer and chief financial officer have executed open-market purchases of the company's common shares. These insider transactions underscore management's confidence in Electrovaya's growth trajectory, commercialization initiatives and long-term shareholder value creation. Full details of the insider purchases have been filed through the appropriate securities regulatory reporting systems.

Deployment of proceeds from Nov. 6 equity financing

Electrovaya will be utilizing proceeds from its Nov. 6, 2025, equity offering for investments that strengthen the company's technology road map and expand its addressable markets. Key initiatives include:

• Rapid-charging enhancements to the infinity battery platform: Investments to accelerate development of advanced fast-charge capabilities while maintaining the Infinity technology's industry-leading cycle life and safety profile. These developments hold particular interest in robotic applications and data centre applications that require rapid charging capabilities.
• Separator technology development: Funding directed toward next-generation separator architecture tailored for improved thermal performance and domestic supply chains.
• Solid-state battery development: Strategic R&D (research and development) investment to advance Electrovaya's solid-state program, focused on the company's proprietary high-safety, high-energy-density technology with the objective to bring it to a commercialization.
• Energy-as-a-service (EaaS) program expansion: Capital deployment to scale the company's energy-as-a-service initiatives, supporting recurring-revenue models and enabling customer adoption of Electrovaya's batteries with lower upfront capital requirements.

The company believes these investments will reinforce its technology leadership and support long-term revenue and margin expansion across multiple electrification verticals.

Upcoming FYQ4 results

Electrovaya expects to provide further operational updates when it publishes financial results for its fiscal fourth quarter, anticipated during the week of Dec. 8, 2025. The specific details will be provided in a separate release.

About Electrovaya Inc.

Electrovaya is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries. The company has extensive IP, and designs, develops and manufactures proprietary lithium-ion batteries and battery systems for energy storage and heavy duty electric vehicles based on its infinity battery technology platform. This technology offers enhanced safety and industry-leading battery longevity. The company is also developing next-generation solid-state battery technology at its labs division. Headquartered in Ontario, Canada, Electrovaya has two operating sites in Canada and has acquired a 52-acre site with a 135,000-square-foot manufacturing facility in New York state for its planned gigafactory.

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