News for Immediate Release

ELECTROVAYA ANNOUNCES FINANCING OF $6.3 MILLION AND REPORTS FOURTH QUARTER FY 2013 RESULTS Quarterly Revenue Increases By 460%

Toronto, Ontario - December 30, 2013 - Electrovaya Inc. (TSX: EFL) has signed a term sheet for $6.3 million through a first mortgage on its land and buildings and released the financial results for the fourth quarter of Fiscal 2013 ending September 30, 2013. All amounts are in US dollars.

Financial Highlights: Quarter ending September 30, 2013