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Message: Q3

Q3 should be several million or they will have more explaining to do. In their business update from Nov. 8th they stated "On October 31, 2016 Electrovaya received from the Global OEM a 6.9 million (euro) purchase order for delivery of battery modules in the first half of 2017". So this order is overdue and if it is delayed they should have to notify the public. There is also 1.3 million (euro) due by September 2017 from the contract they announced in Sept. 2015. The Nov. 8th update states "Electrovaya and the customer amended the Battery Component Contract to include a firm commitment by the customer to order 1.3 million of products prior to September 2017". So this last order could still come in this quarter but either way that income should be coming soon. On top of that Hyster-yale is ordering more and they state they are working with another OEM in the materials handling sector, they state they are working with multiple OEM's in the delivery truck sector and development work is continuing on custom modules for 2 OEM's. Residential Energy Storage sector they state the Litastore module is being trialed and used by energy system providers in North America, Europe and Asia. The work is also continuing on the fortune 1000 OEM where they are designing the battery system for them. They had a PO in the European railway sector and they state several other companies are using their modules for their own bespoke systems. Also last quarter a large portion of their revenue was from an unknown source outside of the US, Canada or Germany so no reason to expect that revenue to not continue or even grow. Unless they provide an update that states they have lost or delayed some revenue then we should expect the quarter to be several million.

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