Electrovaya Announces Increased Battery Capacities and New UL Listings

Rhea-AI Summary

Electrovaya Inc. (TSX:EFL)(OTCQB:EFLVF) announced a 7% increase in battery capacity across all models, enhancing performance metrics and expanding UL listings. This development aims to solidify Electrovaya's position in the market with high energy density products, ensuring industry-leading safety and longevity. The company continues to focus on innovative battery solutions for energy storage and electric transportation. The improved specifications reflect ongoing advancements in technology and customer demand for reliable battery systems.

Positive

• 7% increase in battery capacity for all models.
• Expansion of UL-listed battery models, enhancing product offerings.

Negative

• None.

Increasing battery capacity by 7% for all current battery models and UL listing for additional models

TORONTO, ON / ACCESSWIRE / October 5, 2021 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, today announced that all of its battery models will be receiving a capacity increase of approximately 7%. This change has also been reflected in the UL files for Electrovaya batteries, in which new model numbers are used to reflect the capacity increases. Furthermore, additional models have been added to the UL file, expanding the number of Electrovaya UL-listed offerings.

"This increase in battery capacity further cements the leading performance standards of Electrovaya's high energy density products," said Dr. Raj Das Gupta, COO of Electrovaya. "Electrovaya continues to provide battery systems with industry-leading safety and cycle life, meeting the demands of the most demanding applications."

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) designs, develops and manufactures proprietary Lithium Ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.

To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.

For more information, please contact:

Investor Contact:

Jason Roy
Electrovaya Inc.
Telephone: 905-855-4618
Email: jroy@electrovaya.com

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation the expected increase in the capacity of a cell or battery as well as the increase in the number of battery models covered by the UL listings. However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, and that technologies will not prove as effective as expected. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

SOURCE: Electrovaya Inc.

View source version on accesswire.com:
https://www.accesswire.com/666838/Electrovaya-Announces-Increased-Battery-Capacities-and-New-UL-Listings

FAQ

What recent announcement did Electrovaya make regarding battery capacity?

Electrovaya announced a 7% increase in battery capacity for all current battery models.

What does the UL listing expansion mean for Electrovaya?

The expansion of UL listings indicates more of Electrovaya's battery models are now certified for safety and performance.

How does the battery capacity increase affect Electrovaya's market position?

The increase in battery capacity helps solidify Electrovaya's performance standards and competitive edge in the battery manufacturing market.

What is the significance of Electrovaya's October 2021 press release?

The press release highlights major advancements in battery technology and increased offerings, which may positively impact sales and market perception.

Which stock symbols are associated with Electrovaya?

Electrovaya is listed under TSX:EFL and OTCQB:EFLVF.