Electrovaya Announces Annual Shareholder Meeting Date

TORONTO, ONTARIO--(Marketwire - March 7, 2012) - Electrovaya Inc. EFL today announced that its Annual Shareholder Meeting will be held on March 30, 2012 beginning at 4PM at the office of Electrovaya, located at 2645 Royal Windsor Drive, Mississauga, Ontario.

Mr. Tom LaSorda, a member of the board and Special Advisor to the CEO since March 2010 will not be standing for re-election at the Meeting as he has recently been appointed the Chief Executive Officer of Fisker Automotive, Inc.

"It has been a wonderful pleasure working with Tom" says Dr. Sankar Das Gupta, Chairman and CEO of Electrovaya. "We wish him the very best with his exciting appointment as CEO of Fisker Automotive."

"I look forward to Electrovaya's continued success in powering Electric Vehicles and Alternate Energy", said Mr. LaSorda. "It has been a great experience working with the Electrovaya team as they make critical advances in clean manufacturing and cutting-edge battery technology."

About Electrovaya Inc.:

Electrovaya Inc. EFL designs, develops and manufactures proprietary Lithium Ion SuperPolymer(R) batteries, battery systems, and battery-related products for the clean electric transportation, Utility Scale Energy Storage and smart grid power, consumer and healthcare markets. The Company's mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. The Company's other mission is to deliver Utility Scale Energy Storage Systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in the US, and customers around the globe. To learn more about how Electrovaya is powering mobility, please explore www.electrovaya.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to, among other things, the Company's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such 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. 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. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company 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 the Company'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. 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.