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Canada: Electrovaya Reports Q1 2010 Financial Results

Second Consecutive Quarter of Net Operating Profit Business Expands to Utility Storage Market in addition to Electric Vehicle Market

TORONTO, ONTARIO, Feb 15, 2010 (MARKETWIRE via COMTEX) — Electrovaya Inc. /quotes/comstock/11t!efl (CA:EFL 0.80, +0.03, +3.90%) today announced financial results for the first quarter of fiscal 2010 ended December 31, 2009. All figures are in US dollars.

First Quarter Fiscal 2010 Financial Highlights

— Revenue increased by 16.2% to $920,000 from $792,000 for the year ago
quarter.
— Net Operating Profit, before interest, taxes, foreign exchange and
amortization, improved by $553,000 to $38,000 compared to a loss of
$515,000 in the same quarter of the prior year.
— Cash and cash equivalents totaled $5.2 million at December 31, 2009,
compared with $4.2 million at December 31, 2008.

Business Highlights

— Energy storage partner for a $7.5 million large-scale energy storage
demonstration project led by CEATI (an association with over 100 Utility
and other members worldwide), with funding support from the Government
of Canada’s Clean Energy Fund. This project further extends
Electrovaya’s business to the emerging market for Energy Storage for
Utilities and Smart Grids. Industry analysts project that this emerging
energy storage market will exceed $600 billion over the next 10-12
years.
— Delivered large battery packs for a Tier 1 OEM Plug-in Hybrid Electric
Vehicle. Electrovaya’s battery pack included Lithium Ion SuperPolymer(R)
cells and all associated battery systems including mechanical
components, thermal management system and iBMS(R) (intelligent Battery
Management System)
— Delivered a large battery pack for a specialized OEM Plug-in-Hybrid
Electric Vehicle. Electrovaya’s battery pack included Lithium Ion
SuperPolymer(R) cells and all associated battery systems including
mechanical components, thermal management system and iBMS(R).

“We are very proud to partner on this important Utility-scale energy storage project led by CEATI,” commented Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. “This project is a clear demonstration of the expanding reach of our proprietary Lithium Ion SuperPolymer(R) battery technology. While Electrovaya’s large-format Lithium Ion SuperPolymer(R) battery is ideally suited for the Plug-In-Hybrid Electric Vehicle market, we are excited about the growing opportunities in the emerging renewable Utility and Smart Grid market.”

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Source: marketwatch.com

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