TORONTO, ON / ACCESSWIRE / November 22, 2022 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a leading lithium-ion battery technology and manufacturing company, today announced that it plans to start development of high-voltage stationary energy storage battery systems using its existing proprietary Infinity Battery Technology Platform. This technology platform, which is already deployed in a significant volume of material handling electric vehicles, has superior cycle life and safety performance standards compared to typical lithium-ion batteries.

"We believe the time is right to develop bespoke lithium-ion battery solutions for the stationary energy storage market," said Dr. Raj DasGupta, CEO of Electrovaya. "This market is growing rapidly, and as it matures, there is a growing focus on the overall life cycle cost rather than just upfront cost, a scenario that favors Electrovaya's Infinity technology. Furthermore, with our lithium-ion gigafactory in Jamestown, New York, and significant government incentives available including those in the Inflation Reduction Act, we believe that we are well positioned to succeed in this key market."