Electrovaya Inc.

Electrovaya Inc.

June 27, 2013 08:49 ET

Electrovaya Announces Additions to Its Management Team

Natural Resources Minister Oliver highlights Electrovaya's technology at press conference on 25th June 2013

Non-toxic production process increases demand while emerging growth in energy storage and mobile energy accelerates

TORONTO, ONTARIO--(Marketwired - June 27, 2013) - Electrovaya Inc. (TSX:EFL) is pleased to announce additions to its senior management team to meet the growing demand in the emerging markets of energy storage and mobile energy.

Vice President of Engineering

Electrovaya announces Dr. Ravi Gopal as its new Vice President, Engineering. Dr. Gopal is a seasoned technology executive with a strong blend of technology and business development abilities, a proven track record in building organizational capacity, leading teams of highly qualified technical professionals and developing solid supplier and customer relationships worldwide.

Dr. Gopal will lead all of Electrovaya's engineering activities for battery systems including high voltage grid scale systems and clean transportation systems. He has diverse skill sets and broad industry exposure encompassing systems engineering, electronics engineering, mechanical and process engineering, embedded controls and instrumentation development, software engineering and project management. Ravi was previously the Vice President of Applications Development at Hydrogenics Corporation. At Hydrogenics, Ravi was in a similar executive capacity, delivering Advanced Energy Systems. Ravi has an undergraduate Engineering degree in Electronics and Controls, a Doctorate in Physics from the Indian Institute of Science and training in advanced concepts in Management and Product Development Strategies from the MIT Sloan School of Management.

Vice President of Business Development

Electrovaya announces Dr. Rajshekar Das Gupta, as its Vice President of Business Development. Raj has worked with Electrovaya initially as Director Research and later as Vice President of Energy Storage. He has led the development of Electrovaya's stationary energy storage systems and has built up our relationships with customers and partners globally. Raj has a deep understanding of lithium ion batteries and an invited speaker at many international conferences. In this role, Raj will focus on managing and increasing Electrovaya's sales for both its stationary and automotive energy storage systems and developing Electrovaya's strategy for technology licensing and business partnerships. Raj had earlier been instrumental in developing the Scribbler product for Electrovaya in 2003 in collaboration with Microsoft. Raj attended Imperial College, London; Massachusetts Institute of Technology (MIT) and University of Cambridge, receiving his Doctorate from Cambridge University in Materials Science.

Vice President of Technology

Electrovaya announces Rakesh Bhola as Vice President, Technology. Rakesh has over 15 years experience in Lithium Ion batteries at Electrovaya and holds several critical patents in the areas of cell chemistry, electrode production, engineered electrode microstructures, thermal management and battery design. Rakesh has a Mechanical Engineering degree from Pusa Polytechnic, New Delhi and later studied Industrial Engineering at Ryerson University.

"These new appointments increase our capabilities in two critical areas related to the growth of Electrovaya, including the management and growth of the sales pipeline and the implementation and delivery of our new 2.0 technology" says Dr. Sankar Das Gupta, Chairman and Chief Executive Officer of Electrovaya. "The momentum for growth in our industry and our Company has never been greater and these management appointments will assist us with the rapid and profitable growth of the Company."

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® 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 Utility 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 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.

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