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Message: EFL CONFIRMS FINANCING OF CDN $6.3 MIL AND REPORTS FIRST QUARTER FY 2014 RESULTS

http://www.electrovaya.com/pdf/PR/2014/PR20140212.pdf

Quarterly Revenue Increases by 131% Compared to Prior Quarter
Energy Storage Emerging as the Growth Engine

TORONTO, Ontario Feb. 12, 2014 -- Electrovaya Inc. (EFL.TO) today confirmed that it had completed a debt financing for Cdn $6.3 million and is releasing the financial results for the first quarter of Fiscal 2014 ending December 31, 2013. All amounts are in US dollars.

Financial Highlights:

Quarter ending December 31, 2013

  • Revenue for the quarter ending December 31, 2013 increased to $1.8 million, a 131% increase compared to the prior quarter ending September 30, 2013.
  • Gross margin was 34%.
  • Cash and cash equivalents were approximately $1.4 million as at December 31, 2013.
  • The Cdn $6.3 million financing took place subsequent to December 31, 2013 and is not included in the cash and cash equivalents as of December 31, 2013. This essentially non-dilutive debt financing of $6.3 million replaces the earlier debt of $5 million and includes 1 million warrants at market price.
  • The loss for the quarter was $0.00 cents per share and nearing breakeven.

Financial Outlook:

Electrovaya gives guidance of revenues exceeding $15 million for calendar year (not FY) 2014.

Business Highlights:

Since the launch of the 2.0 technology in 2013, there has been an excellent response from customers in multiple sectors:

Green Maritime Transportation: This emerging market replaces diesel generators to power marine transportation. Electrovaya is responsible for the complete system, including all cells, batteries, mechanical and electrical sub-systems as well as power conditioning equipment.

Large Scale Energy Storage for the Grid: The 2.0 technology is being incorporated in the MWh size energy storage systems being developed.

Smart City and Distributed Energy Storage for Utilities: This market is expected to be one of the fastest emerging energy storage sectors and Electrovaya's technology is being incorporated into a major UK project.

Automotive: Electrovaya continues to work with major global auto manufacturers and is shipping value added products to this sector.

Small Systems for Portable Power: Electrovaya has launched a series of small systems ranging from 900Wh to 3600Wh for portable applications.

Electrovaya is receiving attention from the Canadian Government as one of the leading technology companies in Canada and was invited to participate in the Prime Minister's trade mission and has been active in attending trade shows and giving invited talks at various energy storage conferences.

The Company's complete Fiscal 2014 First Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com

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