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Advanced Lithium Ion Ceramic Batteries for

Electro-Mobility, Energy Storage & Climate

Change Mitigation

“lithium ion technology beyond the standard”

TSX:EFL

OTCQX:EFLVF

2ND OCTOBER 2017

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This presentation contains historical and forward-looking statements. The forward-looking statements involve risks and uncertainties. Forward looking

statements appearing in this presentation represent management’s current estimates and these may change significantly as new information comes

to hand, including including statements that relate to, among other things, revenue forecasts, technology development progress, plans for shipment

using the Company’s next generation technology, production plans, the Company’s markets, objectives, goals, strategies, intentions, beliefs,

expectations and estimates, using such words as may”, “will”, “could”, “should”, “would”, “likely”, “expect”, “intend”, “estimate”, “anticipate”,

“believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import.

Readers and investors should note that estimated and forecasted orders and volumes provided by customers and potential customers to Electrovaya

constitute forward-looking information and Electrovaya does not have (X) knowledge of the material factors or assumptions used by the customers or

potential customers to develop the estimates or forecasts or as to their reliability and (Y) the ability to monitor the performance of the business its

customers and potential customers in order to confirm that the forecasts and estimates initially represented by them to Electrovaya remain valid and

if such forecasts and estimates do not remain valid, or if firm irrevocable orders are not obtained, the potential estimated revenues of Electrovaya

could be materially and adversely impacted.

Certain material factors or assumptions are applied by Electrovaya in making forward-looking statements, and actual results may differ materially

from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include

but are not limited to: parties with whom Electrovaya has executed MoUs not entering into a definitive agreement with Electrovaya in a timely

manner or at all or on terms different than those contained in the applicable MoU, the purchase orders actually placed by customers of Electrovaya;,

the customers of Electrovaya terminating the agreements or not renewing such agreements annually; general business and economic conditions

(including but not limited to currency rates and creditworthiness of customers); Electrovaya’s liquidity and capital resources, including the availability

of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability

to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans.

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 Electrovaya’s most recent annual and interim Management’s Discussion

and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities.

Electrovaya 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.

Disclaimer

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Company Group

• Leading Developer and Manufacturer of Lithium Ion

batteries

• Superior Technology for intensive Use applications

• Key Advantages: Safety, Cycle-life, Battery

management (Hardware and software) etc

• 160,000 sq feet facility in Mississauga, Canada.

• IP: in electrodes, materials, cells, BMS

• Acquired Litarion GmbH from Evonik AG in May

2015

• Listed in TSX: EFL;

• Clean-Tech Index; Small Cap Index • Supplier of electrodes, separators, cells & modules

• State of the art manufacturing facility

with 500-620 MWh annual capacity (2.5 million 50 Ah

cell eq.; grows with higher energy density cells)

• Certified according to ISO/TS 16949 and various ISO

standards

• Located in Kamenz, Germany: Litarion GmbH

• IP: in electrodes, materials, cells, ceramic separators and

nano-C/Si

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Electrovaya Product Portfolio

Battery

Components

SEPARION™

Litarion Cathode, Anode

Cells

LITACELL™

Modules

Litastore

iBMS™ with IoT

Racks

ELitrac

Turnkey

Systems

Litacore

ELivate

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Initial Focus: Intensive Use Applications

Grid-Scale Storage Systems

• Utility Grid Services

• Distribution Grid

Small Energy Storage Systems

• Residential Energy Storage

• Commercial Energy Storage

Commercial Vehicles

• E-Bus

• Delivery Trucks

Industrial Vehicles

• Forklifts

• 24/7 Operations

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Industrial Vehicles (main focus)

• There are >250,000 lead acid forklift batteries sold

annually in the US and >460,000 in the EU

• There are 5,000 Distribution warehouses in USA

• Large manufacturing plants, operating 24/7 also are an

addressable market

• Until now, lead acid battery customers have had no

choice of replacement battery other than lead acid or

fuel cells

• Large distribution centers annually replace 1/3 to 1/5th

of fleet batteries in a 3-5 year cycle;

• Electrovaya addresses the electric market with a

product line of Elivate replacement batteries for electric

trucks;

• Electrovaya announces major Fortune 500 customers

Class I ELivate 36V & 48V

systems

Class II ELivate 36V systems

Class III ELivate 24V systems

Class I, II & III electric trucks totaled 62% of

the total lift truck market in 2016

Source: WITS. Orders Reports.

ICE = Internal Combustion Engine

Materials Handling Vehicles: Addressable Market

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Multiple Channels to the Market • ELivate product line targets forklift users through our direct to end

user approach as well as working relationships with OEMs

Working Relationships

Direct to End User

• Sales team targets large account distribution

centers directly

• Large account companies prefer direct

buying without use of dealer

• Trials & pilots demonstrated in intensive use

centres

Target Examples

• Distribution Centers:

• Manufacturing Plants

• Focus on Fortune 1000 companies

OEMs

• provide OEMs directly with

modules and or units. • Hyster-Yale Group, signed

long term Master Service

Agreement (MSA)

Dealers

• Material handling

equipment dealers work

with smaller accounts

• Dealers provide existing

relationships and known

buying cycles

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Break-through Clients: Walmart, Mondelez & Hyster Yale

Materials Handling Vehicles:

Fortune 1000, NYSE:HY, Market leader in the Materials Handling Industry

• Hyster Yale, NYSE Fortune 1000 company and a

market leader

Expanding to the broader Materials Handling

community and Off-road industry;

Market Leader Win:

Market Needs: Safety, Cycle Life

branded batteries

$4.3 Million for Electrovaya to replace in 1

warehouse; After extensive testing by both

Walmart and the forklift OEM

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Revenue Emerging

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Q4 CY2016 Q1 CY2017 Q2 CY2017

$ Million

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Energy Storage: Grid Scale & Residential

Dual use MWh-scale storage & Emergency Power

• Mobile storage system that can be quickly deployed to

emergency sites to provide on-demand, high reliability, high

quality power. In addition, it can provide peak shaving.

• May Replace emergency-use diesel gensets (limited utilization,

high maintenance, dirty) with a year-round, low maintenance

asset.

• Litastore battery modules: 48V, for multiple customers and large

PO received from one customer

Market Needs:

Safety, Cycle Life

LITASTORE Battery System

Opportunity: Mobile Energy Storage

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Electric Buses and Delivery Vans

Growth in Europe and Asia

Market Needs: Safety, Cycle Life

LITACELLTM

Market Size: IDTechEx estimates the Lithium Ion battery market for e-buses to

grow to nearly $32-billion by 2026.

• Targeting European innovators;

multiple clients; LoI signed with a

major EU corporation

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Why Electrovaya Batteries?

Superior Technology & Performance:

- Safety,

- cycle life,

- battery management system (hardware and software),

- design and other performance factors

- sophisticated Fortune 1000 customers like Walmart, Mondelez and many

others; intensive testing and moving to Electrovaya

- as well to MHV (Material Handling Vehicle) makers like Hyster-Yale and others

- OEMs: in electric delivery trucks and energy storage

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Example of a Core Competitive Advantage: Safety

Industry-leading safety due to proprietary Ceramic Separator: SEPARION™, extensive patents

• Previously exclusive use for German Auto company only

• Disruptive technology: safety with outstanding temperature stability

Full ceramic material supported by PET non-woven:

PET non-woven support Flexible ceramic separator (SEM cross-section)

Polymer

fibres

Surf

ace

Ceramic

Particles

SEPARION® Coated PO

SEPARION® Coated PO

Outstanding Temperature Stability

SEPARION™ Separator

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Example: SEPARION® increased safety in short circuit

events with high heat stability: nail penetration test

● Heat stability of SEPARION® prevents expansion of local failure,

thus reducing hazard level.

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Safety is Important for Lithium Battery

“Samsung Slumps by $22 Billion as Note 7 Safety Warnings Pile Up”

- Sohee Kim, September 11, 2016, 8:43 PM EDT Updated on September 12, 2016, 3:39 AM EDT

Battery fires in some vehicles & aircrafts. Exception: 20,000 Electric Smart cars with

proprietary ceramic separator, SEPARIONTM : estimated 500 million km accumulated, with

Zero Safety Incidents

“All OEMs want Lithium Ion Batteries with Highest Safety:” Period.

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One of the Europe’s best selling electric vehicles

~20,000 vehicles on the road, possibly exceeded cumulative 500 million kms with zero

safety incidents

Zero safety incidents on the battery- an industry leading statistic

All safety and quality certifications met and exceeded.

Source: Daimler AG

Daimler E Smart Electric Vehicle

E Smart Electric. 100% of E Smart vehicles to date have Litarion cell

components inside.

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Conclusion

Leading Developer and Manufacturer of Lithium Ion Batteries: Disruptive

Innovative Technology beyond the “Standard”

Superior Technology for Intensive use applications:

Revenue Growth accelerating

Good Production Capacity of electrodes and separators in Germany

(500MWh growing with higher energy density)

Large proprietary IP

Difficult for new entrants to enter Lithium Ion battery field

Focus on Intensive use Applications, which need Highest Performance

Products: Forklift Batteries; break-through customers: Walmart, Mondelez,

Hyster-Yale

Other Intense Use Applications: Delivery Trucks, Electric Buses, Residential

Energy Storage, Grid Connected Energy Storage,

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Strategy: Agile Execution

Key Executive Team CEO

Dr. Sankar DasGupta Sankar is an entrepreneur and an award-winning

scientist with over 50 US patents. He has led

Electrovaya as a stable publicly traded battery

company for over 15 years and spearheaded the

acquisition of Evonik Litarion. Received his PhD from

Imperial College London.

Vice President, Business Development

Dr. Rajshekar DasGupta Raj joined Electrovaya in 2009 after PhD in Material

Science from Univ. of Cambridge. Earlier attended

MIT and Imperial College. Leads the business

development activities and a strong growing sales

team in Canada and Germany .

Director, Sales & Marketing Europe

Thomas Kagemann Over 20 years experience in sales to majors German

corporations like Hyster Yale and Koenig & Bauer

AG.

EVP & CFO

Richard Halka Richard specializes in leading high-tech companies during

periods of rapid growth. Mr. Halka has previously acted in

a number of executive roles within public and private

companies, including companies listed on the Toronto

Stock Exchange (“TSX”), NASDAQ, and the American

Stock Exchange

VP (Electrovaya)

Gitanjali DasGupta Gitanjali has completed change management of Electrovaya’s

operations and has positioned the company for growth.

Previously, Gitanjali led Electrovaya’s automotive business.

She attended Toronto & Oxford Universities and received

her Master’s Business degree as a Sloan Fellow at Stanford

University’s Graduate Business School.

Director Sales USA

Murray Pickrem Joined Electrovaya in 2017. Murray Pickrem has more than

20 years’ experience in this industry, most recently as

Regional Vice-President with First Financial, with a focus in

Materials handling and fork-lift batteries. Earlier Murray was

in sales and marketing with companies such as Siemens,

Exide, ACT and The Raymond Group of Companies.

CTO (Litarion)

Dr. Joerg Reim Ph.D. University of Muenster1997. post-doctoral,

Pennsylvania State University, In 2006, he joined the

Lithium-Ion Technology group of Degussa AG (now

Evonik Industries AG) working in different positions

in Technical Marketing, Application Technology and

R&D.

VP, Investor Relations

Ian Lyons, CFA Ian has over twenty years of institutional equity sales

experience consistently achieving top ten rankings with

sophisticated US institutional investors. Ian is skilled in

equity capital markets, and understands the investment

process undertaken by institutional investors.

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APPENDIX

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Lithium Ion Market: Replacing Fossil Fuels by Clean

Electricity: Analysts & estimates galore

Paris climate agreement will unleash more than US$16.3 trillion of investment in

renewable energy and clean technologies -

“Lithium is the new gasoline.”

- estimates the Lithium Ion battery market for e-buses to grow to nearly

$32 Billion by 2026.

- US Energy Storage market could grow to 140 GWh:

- VW Group’s head of R&D, Ulrich Eichhorn: estimates 200 GWh of demand by 2025,

from only the VW group

The world’s largest car market (China) just announced (09/17) an imminent end to gas

and diesel cars

June 2017, India announced to end sales of gas and diesel cars by 2030.

June 2017, Norway agreed to end sales of gas and diesel cars by 2025

In July 2017, France announced to end sales of gas and diesel cars by 2040.

In July 2017, Britain announced to end sales of gas and diesel cars by 2040.

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Electrovaya/Litarion: Technology and Innovation

Breakthroughs Electrovaya/Litarion Global Competition

Safety Unique 3rd Generation Ceramic

Separator provides superior safety

2nd generation ceramic coated polyolefin

separator has greater hazard risk

Next Gen

Li Battery

High energy density cells need 3rd gen

separator

Standard 2nd gen separator may be

inadequate

Cycle Life Higher cycle life Usually lower cycle life

Energy

Density

Faster growth possible; potentially lowers

cost

Controlled

Process

Tech

Support

IP

Production

Cost

IP on Non Toxic Solvent (NMP)

process; potentially lowest costs

Core teams in Germany and North

America

Large Position

Potentially lowest with large reduction in

environmental and energy costs

Toxic Solvent-based process used in

most major battery plants; adds large

environment mitigation costs

Core teams in Asia

Large Position

Estimated higher production costs

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Board of Directors

Dr. Sankar DasGupta, Ph.D.,

FCAE Sankar is CEO of Electrovaya. An

entrepreneur and an award-winning

scientist. He has led Electrovaya as a

stable publicly traded battery company

for over 15 years. Received Doctorate

from Imperial College, London

University.

Professor Carolyn Hansson,

CM, FCAE, FRCS One of Canada’s influential and innovation

engineer, Dr. Hansson worked in industry

(Lockheed Martin and Bell Lab), academia

(Waterloo, Queens, Columbia) and

Government. Dr. Hansson is the recipient

of the Order of Canada. She received her

degrees from Imperial College, London.

Dalton McGuinty, QC Mr. McGuinty was Premier of Ontario for three

consecutive terms from 2003 to 2013. While

Premier, Mr. McGuinty made clean technology

and innovation a priority, creating Canada’s first

Ministry of Research and Innovation with himself

as Minister. Received his law degree from

Ottawa University.

Professor Alexander McLean,

Ph.D; FCAE, FRCS, Chair Professor McLean is recognized as one of

the world’s most distinguished scientist in

the field of material science. He is a Fellow

of the Royal Society of Canada and also

the Canadian Academy of Engineering.

Received his degrees from Univ. of

Glasgow.

Ralph E. Lean QC Ralph E. Lean, QC, is one of Canada’s

most influential business strategists,

lawyers and financiers. Mr. Lean, counsel at

Gowlings, has served and continues to

serve on the boards of a range of Canadian

public and private companies.

Dr. Bejoy DasGupta, Ph.D. Has more than 25 years experience in

advising major financial institutions

including commercial and investment

banks. He is Chief Economist, Asia/Pacific

Division of the Institute of International

Finance, D.C. Undergraduate from

London School of Economics and

Doctorate from Oxford University