Electrovaya Inc.
TSX : EFL

Electrovaya Inc.

September 13, 2005 19:00 ET

Electrovaya Joins 'Advanced Hybrid Vehicle Development Consortium'

TORONTO, ONTARIO--(CCNMatthews - Sept. 13, 2005) - Electrovaya (TSX:EFL) today announced its membership in a cooperative research and development initiative, the Advanced Hybrid Vehicle Development Consortium, which intends to develop a prototype plug-in hybrid electric vehicle (HEV) capable of achieving up to 100-200 mpg (US), with the ability to operate in an all-electric, zero-emission mode for the first 20-50 miles.

The Consortium is led by Raser Technologies, a technology licensing company of advanced electric motor, electric motor drive and related technologies. Other founding members, in addition to Electrovaya, include Maxwell Technologies, a manufacturer of ultra capacitor-based energy storage and power delivery solutions and a Californian gas and electric utility based in San Francisco.

The Consortium is expected to grow to include additional key component suppliers who intend to work together with participating automobile manufacturers to coordinate the development of key components and demonstrate these advanced technologies in a "next generation", electric motor dominant, plug-in hybrid electric vehicle.

"Raser is excited to work together with Electrovaya, an innovator in advanced battery technology and a co-founding member of this Consortium. Electrovaya complements Raser's advanced electric motor technology and its dominant role in the next generation hybrid electric vehicle, the Plug-In HEV," stated Raser Technologies CEO Brent M. Cook. "By working as a Consortium we can help accelerate vital new technologies to market by demonstrating their readiness in significantly better HEVs, thus reducing the R&D gap between advanced component suppliers and automotive OEMs."

"Electrovaya is pleased to be a co-founding member of this Consortium and welcomes the opportunity to work with Raser", says Dr. Sankar DasGupta, CEO of Electrovaya. "Our objective is to shorten the time to market of new electric vehicle technology and stimulate strong market demand for electric based vehicles", added Dr. Das Gupta. "We feel that Electrovaya's proprietary award-winning battery technology has great potential for clean transportation as a much-needed near term solution to the energy crisis of today and tomorrow."

About Electrovaya:

Electrovaya (TSX: EFL) is a world leader in the field of portable power solutions with its award-winning, patented Lithium Ion SuperPolymer® battery technology. Its goal is to become the leading provider of Tablet PCs, the premier supplier of portable power for aerospace and wireless sectors, and the principal technology champion in the development of alternative energy applications including UPS, stand-by power and zero-emission vehicles. For more information on Electrovaya and its products, please visit www.electrovaya.com.

About Raser Technologies:

Formed in 2003, Raser believes that its current and pending patents and proprietary intellectual property cover breakthrough technologies. Raser's Symetron™ technologies more efficiently harness electrical energy in electric motors, electric motor drives and controllers, alternator and generator technologies. Application of Symetron™ generally requires minor changes to existing products, but yields significant increases in power, performance and efficiency without the use of exotic materials. Further information on Raser may be found at: www.rasertech.com.

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