Investor Presentation
September 2024

Nasdaq:ELVA & TSX:ELVA

Nasdaq: ELVA | TSX: ELVA

Disclaimer
This presentation contains forward-looking statements, including statements that relate to, among other things, the effect of the COVID-19 public health emergency on the Company’s

operations, its employees and other stakeholders, including on customer demand, supply chain, and delivery schedule, the size of the Company’s sales pipeline and the ability to satisfy
orders thereunder, the Company’s ability to satisfy its ongoing debt obligations, anticipated increased collaboration with OEMs and OEM channels constituting a source of sales growth for
the Company, anticipated continued increase in sales momentum in fiscal 2024 through OEMs and directly to large global companies, including Fortune 500 companies, the future
direction of the Company’s business and products, including E-bus, E-truck and Energy storage applications and additional intellectual property protection, the Company’s ability to source
supply to satisfy demand for its products and satisfy current order volume, technology development progress, all trademark logos and trademarks are owned by the respective Company's,
pre-launch plans, plans for product development, plans for shipment using the Company’s technology, production plans, the Company’s markets, objectives, goals, strategies, intentions,beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, "possible", “expect”, “intend”, “estimate”,“anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain
material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Importantfactors that could cause actual results to differ materially from expectations include but are not limited to: natural disasters, unusually adverse weather, epidemic or pandemic outbreaks,
cyber incidents, boycotts and geopolitical events; the COVID-19 outbreak will not have significant further effects on the Company’s supply chain or operations; that current customers willcontinue to make and increase orders for the Company’s products, and in accordance with communicated intentions, that the Company’s alternate supply chain will be adequate to
replace material supply and manufacturing, Additional information about material factors that could cause actual results to differ materially from expectations and about material factors
or assumptions applied in making forward-looking statements may be found in the Company’s Annual Information Form for the year ended September 30, 2023 under “Risk Factors”, andin the Company’s most recent annual Management’s Discussion and Analysis under “Qualitative And Quantitative Disclosures about Risk and Uncertainties” as well as in other public
disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking
statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law. These and other risks and uncertainties related toElectrovaya’s business and the assumptions on which the forward-looking information is based are described in greater detail in the sections entitled "Risk Factors" in its Annual Report on
Form 40-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada. Electrovaya assumes no obligation to update or revise any
forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Electrovaya’s assessments as of any date
subsequent to the date of this presentation.

2
Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

Electrovaya: Batteries with Superior Safety & Longevity
Electrovaya’s Infinity Technology Leads the Industry for Longevity (Cycle Life) and Safety!
Industry Challenge• Legacy lithium-ion tech faces
safety and longevity issues,failing in heavy-duty applications.

• Safety recalls hit major names
like LG, Akasol, and Proterra.

Our Solution• Longer Lifetime: Our Infinity Technology
offers the highest cycle with over 4X the lifeof typical batteries of the same chemistry• Improved Safety: Our batteries use aproprietary ceramic separator membranethat significantly improves safety• Heavy Duty Applications: Mission criticalapplications
incl.
Material
handling,
Construction & mining equipment

Nasdaq: ELVA | TSX: ELVA

Proven Execution• Scaled: Deliveries of battery systems
increasing more than 100% YOY• Proven: Proven technology andmanufacturability - >6 years of fielddata with major customers• Reliable: Operating in mission critical
24/7 warehouse operations at thelargest companies in the world (>14
Fortune 100 end users)

Electrovaya © 2024

3

Building Legacies: Electrovaya history
Commercial Launch:
Material Handling products

Production Ramp up (40% ↗) &Expanded OEM partnership
Products development
HV battery: Defense, Construction

OEM partnership:

Founded

1996

Electrovaya powers
Daimler’s electric smart
car and acquires 700
MWh/year plant

Direct Sales :HV material handling battery

2015

2017-2021

2022/2023

Speciality &Automotive

2000

listed2002-2010

US Expansion
Jamestown NY Gigafactory

Launched infinity
Li-ion cells

Listed on NASDAQ:ELVA
Nasdaq: ELVA | TSX: ELVA
Confidential

Electrovaya © 2024

4

Investment Highlights
Electrovaya is a pure play, North American lithium-ion battery technology and manufacturing
company on track for rapid growth

Industry Leader
1

Providing the safest &longest lasting2 lithium ion
battery technology
1 Proprietary ceramic separator tech
2 Longevity or cycle life 4X typical techPremium Product Performance and
NextGen Technology
Infinity Technology
Solid State
Significant competitive
advantages provide
pricing power andhigher gross margins

Battery technology
developments will
be game-changing

Large Addressable
Heavy Duty Market$18 Billion market with
rapid growth1

High Growth with Clear Path toProfitability
100% Organic CAGR over 2 Years
FY2023 revenue up 171%

1 Data obtained through MarketWatch

North American Footprint

Top-tier Customer Base

Unparalleled Experience

Reshoring production to US
improves capacity, security andgross margins

More than 12 Fortune 100 end
customers and the largest OEM
partner in the material handlingindustry

25+ years of experience
100+ patents

Nasdaq: ELVA | TSX: ELVA

Route to Profitability
Inflection Point: Trailing 12months with $4.8M in EBITDA

Electrovaya © 2024 5

Our Products: Complementary Technology Solutions
Complementary technologies targeting a number of EV applications
Infinity Batteries provide industry leading longevity and SSBs provide industry leading energy density

Infinity Batteries

Solid State Batteries

Commercial today
Global partners & users

In development stage

Superior Safety & Lowest Cost of
Ownership

Highest Energy Density

Based on proprietary separator andelectrolyte technology

Based on proprietary separator andelectrolyte technology

E-forklift, E-trucks, E-bus and Energy
Storage Systems

Passenger EVs, Over the road (OTR)
trucking, aerospace

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

6

Technology Portfolio
Proprietary Technology

Cell Chemistries for various
applications

Fully Ceramic Separator

Cells

Surface

Ceramic
Particles

Unique Capabilities

NMC

PolymerfibresLithium
Nickel-ManganeseCobalt Oxide(NMC)- Ultra long cycle life
- Balanced Power-Energy- Superior safety- Flexible form factor

Modules & BMS

Patented unique ceramic separator offers
increased thermal stability, unparalleledsafety with high power capabilities.
(32 patents)
LFP

Unique cell assembly process
Unique cell design,
electrode processing,
manufacturing process,and optimised electrolyte
formulation for ultra long
cycle life at RT and hightemperature applications.

Lithium
Ferrophosphate(LiFePO4)- Ultra long cycle life
- High Power- Superior safety- Lower costNasdaq: ELVA | TSX: ELVA

Packs

Electrovaya © 2024

7

Multi-Million-Mile Batteries - Performance Advantage

500

1000

2000

5000

9000

Cycles*Cycle equivalent:
14,000 cycles is equivalent to 3,500,000 miles for 250-mile range car

Electrovaya NMC batteries different SOC
Temperature: 27°C, Current: 1 C-rate

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

8

Product Differentiation: Ceramic Separators
Full Ceramic vs Coated PO Separator Thermal Stability
Coated PO

Full Ceramic

Coated PO

Full Ceramic

15 min at
130°C

Ceramic-Coated PO Separator (Competitors)

Nail Penetration test

Fully Embedded Ceramic Separator (Electrovaya)

Nail Penetration test

Electrovaya © 2024

9Market Opportunity: Inﬁnity Batteries
Take-away message? A multi-billion dollar addressable market for batteries that are safe, efficient, have along useful life and low cost of ownership?
APPLICATION
Mining /Construction
Vehicles / Locomotive/
Airport Ground Service
Equipment (GSE)

E-Forklifts/
WarehousingStationary
energy storage

USAGE

MARKET SIZE

12-20 hrs/day

Combined~ $9.6 Billion
Addressable
Market*20-24 hrs/day~ $4.5 Billion
Addressable Market*

12-20 hrs/day~ $4.2 Billion
Addressable
Market*Battery Requirements: Efficiency, Lifetime, Safety & Cost of Ownership*Data Numbers Obtained Through MarketWatch / IDTechEx
Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

10

Electrovaya Batteries Powering ...
Warehousing Vehicles

Large AGVs

Defense Trucks

Large Industrial Vehicles

Small AGV

E-Bus

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

11

Our Customers: Inﬁnity Batteries (MHEV)Example OEM
Customers

End Users Example(not a full list)

Retail &eCommerce*Confidential F100 ecommerce company

Food
Distribution

Manufacturing

Logistics

Nasdaq: ELVA | TSX: ELVAElectrovaya © 202412

Opportunities - New Verticals
With a strong foundation built in the Materials Handling space, we are
beginning a transition to new vertical industries in 2024 and beyond
Defence

Mining & Construction● Near continuous operation● Highest cycle-life demand in EV industry● High priority for battery safety

Airport Ground Equipment (GSE)● High use application● High priority for battery safety● High use applications● Highest demands for battery safety andreliability

Locomotive● High use application● High priority for battery safety & reliability

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

13

Market Demand: Near-term Exponential Growth for MHEV
Expanding our capacity to scale our business and meet anticipated growth in demand
Demand is expected to grow rapidly over the next 3 Years

We are executing plans to expand our manufacturing
capacity to ~500MWh in 2025 and >2GWh by 2029

*Demand data from lift truck OEM
Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

14

Expansion Plan- Jamestown Factory

130,000 sq ft
Industrial facility$0.05/kWhLow energy cost

100%
Renewable Energy

3 Hours
Distance to HQ and Key Customers

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

15

Our Products: Technology Solutions
Complementary technologies targeting a number of EV applications
Infinity Batteries provide industry leading longevity and SSBs provide industry leading energy density

Infinity Batteries

Solid State Batteries

Commercial today
Global partners & users

In development stage

Superior Safety & Lowest Cost of
Ownership

Highest Energy Density

Based on proprietary separator andelectrolyte technology

Based on proprietary separator andelectrolyte technology

E-bus, E-forklift, E-trucks, Energy
storage systems

Passenger EVs, Over the road (OTR)
trucking, aerospace

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

16

Our Products: Next Gen-Solid State Batteries (SSB)
Solid State Promises Much Higher Energy Density = More Range, Less Weight, Less Cost

2022

2035

2-3%

85%
of new cars

Battery Requirements for E-cars adoption

Energy Density > 350 Wh/Kg (>750 Wh/L)>10 years lifetime

Solid State Batteries offer 2X Energy Density over conventionallithium ion batteries= more range, less weight, less cost

Energy density (Wh/Kg)

EV penetration in the global vehicle market

ELV Solid State

400

300
Limitation of conventional LIBs

ELV

NMC**

200

Infinity NMC

LFP**
100

LTO**

Superior Safety
2000

4000

6000

8000

10000

Cycle Life

Cost < 100 $/Kwh for cells** Competitor data sheets/estimates

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

17

Our Products: Our Approach with SSB
Our SSB platform incorporates versatile, proprietary technology
Four Solid State Battery Related Patents Have Been Filed

Multi-layer Pouch stack

Anode
Current collector
Composite
Separator
Proprietary Ceramic
CathodeHigh Loaded NMC+ Catholyte
CathodeCurrent collector

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

18

Financial Performance: 100% CAGR over 2 Years
Market demand provides STRONG TAILWIND for accelerating revenue growth
Key Revenue and Margin Drivers●

FY 2023 revenue more than doubled due toincreased orders driven by strong market demand●

Expanding capacity provides opportunity to further
accelerate revenue growth●

Breakeven ~$50 million/annum with incremental
revenue contributing to net profits●

Margins have improved steadily with Q3FY2024
margins at 34%●

Trailing 12 month adjusted EBITDA at $4.7 million(10%)*FY25 is an estimate and is not to be considered as
guidance

Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

19

Financial Performance: Proﬁtability Inﬂection Achieved
Reaching an inflection point… set to be one of the only profitable battery companies in North America●

Operational efficiencies and cost savings drove positive
EBITDA in FY23 and into FY24.

●

Continuous positive EBITDA (last 5 quarters)●●●

Significant growth expected in Revenue and EBITDA
Jamestown production coming online late 2025
Expansion into multiple revenue streams* Non-IFRS Measure: Adjusted EBITDA does not have a standardized meaning under IFRS. Therefore it is unlikely to be comparable to similar measures presented by other issuers. We believe that certain investors
and analysts use Adjusted EBITDA to measure the performance of the business. Adjusted EBITDA is defined as loss from operations, plus finance costs, stock-based compensation and depreciation costs.
FY25-FY27 are estimates and are not to be considered as guidance
Nasdaq: ELVA | TSX: ELVAElectrovaya © 2024

20

Summary Balance Sheets and Cap Table
CapTable

Select Balance Sheet Items ($USD)

As of 06/30/2024

Cash
Trade and other receivables
Inventories
Other current assets
Long-term assets

06/30/2024
$534
8,159
12,427
6,470
10,22006/30/2023
$723
5,544
9,201
6,259
10,780Total Assets$37,810$32,507

Trade & other payables$8,999$8,134

Short-term debt

18,164

16,853

Other Liabilities

3,027

5,914

Total Liabilities$30,190$30,901

Total Equity (Deficiency)$7,620$1,606

Total liabilities and equity$37,810$32,507(US$ in thousands)

Nasdaq: ELVA | TSX: ELVA

Outstanding shares

34,134,165

Outstanding warrants

1,711,924

Outstanding stock options

4,883,788

Total

40,729,877

Select Equity Items (Nasdaq $USD)
As of 08/15/2024
Share price$2.04

Market Cap$69.1M

Insider ownership~33%

Electrovaya © 2024

21

Management Team

Dr. Raj S.
Das Gupta,

John Gibson,
CFO

CEO, Director
Raj has been with thecompany since 2009and became CEO in
2022 following his
previous role as COO.
Raj attended Imperial
College, London; MIT;and the University ofCambridge, where hereceived his Doctorate
in Materials Science

John is a Certified
Professional
Accountant (“CPA,CA”) with over 15
years of experience inpublic and private
corporations andbrings significant
experience incorporate accounting
and finance, strategic
and financial planning,internal controls, andsystems.

Dr. Jeremy
Dang,

Dr. Elmira
Memarzadeh

VP, Business & Project
Development

VP, Cell Operations

Jeremy’s client
portfolio includes lift
truck OEMs andFortune 500 clientsfrom material
handling, and energy
storage industries.
Jeremy is a Certified
Chartered Chemist
and ProjectManagement
Professional with adoctorate in Chemical
Engineering.

Elmira has been with
Electrovaya since 2014
and currently manages
cell production. She
has worked on several
development projects
with other Engineering
departments withinElectrovaya as well as
Vendors and Clients.
Elmira received her
PhD in Material
Science from the
University of Alberta.

Nasdaq: ELVA | TSX: ELVA

Jason Roy,
VP, Corporate
Development andInvestor Relations
Jason has been withthe company since
2018. He brings withhim over 18 years ofCapital Markets
experience, in various
roles of Investor
Relations,
Communications,
Business & Corporate
Development with bothPublicly traded andPrivate companies.

Electrovaya © 2024

22

Board of Directors

Prof Carolyn
Hansson,Dr Jim Jacobs,
Director

Kartick Kumar,

Steven Berkenfeld,

Director

Director

Kartick Kumar is a seasoned
climate change and sustainability
investor. Has two decades ofinvestment and operations
experience in energy anddecarbonization transition issues
across Europe, Asia, Latin
America, Africa, and the Middle
East. Held a range of senior roles
within the World Bank Group, theInternational Finance Corporation(IFC).Holds degrees in
economics and law from U of
Cambridge, U of Columbia andthe U of Toronto.

Steven is a seasoned industry
veteran within both the clean
energy and finance industries.
Founder and principal of Ecotopia
Consulting. Former Managing
Director Investment Banking at
Barclays of the Environmental andSocial Impact Banking Initiative,
was co-head of the firm’s
Cleantech Initiative, led thebanking effort for Emerging
Industrial Technology companies.
Former Chair of the Board of the
Sierra Club Foundation, an
organizations focused on social
impact and sustainability

Executive Chairman

Director

Professor Carolyn Hansson
CM, FCAE, FRSC has a longand distinguished career inindustries such as Lockheed
Martin (Martin Marietta),
Danish Corrosion Labs andBell Labs as well in academia(Waterloo, Queens, Columbia& SUNY) and was earlier amember of the Board of a TSX
and NASDAQ listed Alternate
Energy Company(Hydrogenics).

Dr. Sankar Das
Gupta,

Dr. Jacobs’ innovations havebeen instrumental in thedevelopment of Electrovaya’s
SuperPolymer technology. He
co-founded the company withSankar DasGupta in 1996 andwas an instrumental part of its
IPO in 2000. He served as CTOof the company until 2003. Dr.
Jacobs received a BA from
Oberlin College, Ohio andcompleted both his MA and PhD
in solid-state physics at the U ofToronto.

Sankar is an entrepreneur and anaward-winning scientist with over
50 US patents who is passionate
on the urgency to reduce theeffects of Climate Change. He
has been a member of many
committees including the WhiteHouse Committee on Energy &Environment, chaired by thenVice- President Al Gore. Recently
he was an Advisor to the Indian
PM on Climate Change andEnergyNasdaq: ELVA | TSX: ELVAElectrovaya © 2024

23

Investment Highlights
Electrovaya is a pure play, North American lithium-ion battery technology and manufacturing
company on track for rapid growth

Industry Leader
1

Providing the safest &longest lasting2 lithium ion
battery technology
1 Proprietary ceramic separator tech
2 Longevity or cycle life 4X typical techPremium Product Performance and
NextGen Technology
Infinity Technology
Solid State
Significant competitive
advantages provide
pricing power andhigher gross margins

Battery technology
developments will
be game-changing

Large Addressable
Heavy Duty Market$18 Billion market with
rapid growth1

High Growth with Clear Path toProfitability
100% Organic CAGR over 2 Years
FY2023 revenue up 171%

1 Data obtained through MarketWatch

North American Footprint

Top-tier Customer Base

Unparalleled Experience

Reshoring production to US
improves capacity, security andgross margins

More than 12 Fortune 100 end
customers and the largest OEM
partner in the material handlingindustry

25+ years of experience
100+ patents

Nasdaq: ELVA | TSX: ELVA

Route to Profitability
Inflection Point: Trailing 12months with $4.8M in EBITDA

Electrovaya © 2024

24

(NASDAQ:ELVA) & (TSX:ELVA)

Investor & Media queries, please contact:
Jason Roy
VP, Corporate Development & Investor Relations
Phone: 905-855-4618
Email: jroy@electrovaya.com Web: www.electrovaya.com

Nasdaq: ELVA | TSX: ELVA
Confidential