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Electrovaya Inc.: Ontario's Premier McGuinty Visits Electrovaya and Announces an Investment of Up to $16.7 Million

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^{Published in Business and Finance on Wednesday, August 5th 2009 at 3:38 GMT, Last Modified on 2009-08-05 03:38:46 by Market Wire}  

TORONTO, ONTARIO--(Marketwire - Aug. 5, 2009) - Electrovaya Inc. (TSX:EFL) announced that Ontario's Premier Dalton McGuinty, along with members of his caucus, visited Electrovaya yesterday and announced an investment of up to $16.7 million to support battery research and pre-commercialization activities at Electrovaya.

The Premier mentioned, "Ontario has the skilled workforce, the positive investment climate and the commitment to innovation to transform new ideas into jobs for Ontario families. Together we can develop new and sustainable products that we can market to the world."

"We're proud to support a globally competitive technology that creates jobs in right here in Mississauga. By putting more electric vehicles on our roads we can help reduce emissions and protect our sensitive environment for future generations." said Charles Sousa, MPP Mississauga South

"The support from the Government of Ontario allows us to accelerate our growth plans and bring our technology to market sooner. We are excited to be adding to our team and increasing our innovation and technology capabilities in Mississauga." said Dr. Sankar Das Gupta, CEO of Electrovaya.

About Electrovaya Inc.

Electrovaya (TSX:EFL) is a developer and manufacturer of portable power solutions with its proprietary Lithium Ion SuperPolymer^® battery technology. Its goal is to become the preferred provider of portable power for aerospace, defence and wireless sectors, and the developer of alternative energy applications including UPS, stand-by power, plug-in hybrids and Zero-Emission Vehicle. The Company's shares trade on the Toronto Stock Exchange under the symbol EFL.

For more information about the Company and its products, please visit our website at [ www.electrovaya.com ].

Forward-Looking Statements

This news release may contain forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the Company's business and results of operations. Risks are outlined in the Company's MD&A for the period ending March 31, 2009 and are set forth in public disclosure documents filed with Canadian regulatory authorities. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.