Electrovaya Provides a Business Update

Executive Summary

• Electrovaya reports continued drawdowns under its U.S. Export‑Import Bank (EXIM) loan to fund equipment procurement, commissioning and scale‑up of its Jamestown gigafactory.
• The CEO and CFO executed open‑market purchases of Electrovaya common shares during the past week, signaling management confidence.
• Proceeds from the November 6, 2025 equity offering will be deployed to accelerate rapid‑charging enhancements, next‑generation separator technology, solid‑state battery R&D, and expansion of the Energy‑as‑a‑Service (EaaS) program.

Key Details

• EXIM Loan Drawdowns: Ongoing drawdowns from the previously announced direct loan facility are being used for equipment procurement, commissioning activities, and overall scale‑up of the Jamestown manufacturing facility in New York.
• Insider Purchases: The Company’s Chief Executive Officer and Chief Financial Officer each purchased shares of Electrovaya on the open market during the week prior to the release; full transaction details have been filed with securities regulators.
• Equity Financing Proceeds (Nov 6, 2025):
• Use of Funds – Rapid‑Charging Enhancements: Accelerate development of fast‑charge capabilities for the Infinity Battery Platform targeting robotics and data‑center applications.
• Use of Funds – Separator Technology: Fund next‑generation separator architecture aimed at improved thermal performance and domestic supply‑chain sourcing.
• Use of Funds – Solid‑State Battery Program: Advance proprietary high‑safety, high‑energy‑density solid‑state technology toward commercialization.
• Use of Funds – Energy‑as‑a‑Service (EaaS) Expansion: Scale recurring‑revenue EaaS offerings to lower upfront capital barriers for customers.
• Upcoming FYQ4 Results: Electrovaya will release its fiscal fourth‑quarter financial results during the week of December 8, 2025, with additional operational updates to follow in a separate announcement.

Notable Quotes

(No direct quotes were provided in the release.)