See Sedar filing of form 45-102f1 on 22 Dec 2014. He is lending 3,000,000 shares for several months it appears. I can't explain it other than it appears to be part of the 7.5 million someone needs to get the 10% buy in. It appears they will be repaid? That should mean the price is going up...
http://www.sedar.com/GetFile.do?lang=EN&docClass=22&issuerNo=00008204&fileName=/csfsprod/data150/filings/02296174/00000001/t%3A%5CTr%5CElectrovaya%5CForm45-102F1-Dec222014.pdf