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Electrovaya Selected by Major U.S. Utility for Grid Scale Lithium Battery Energy Storage System

1.5MWh Lithium Ion SuperPolymer(R) Battery Energy Storage System

TORONTO Jan. 24

The Electrovaya system will provide energy storage for renewable energy integration and the Smart Grid. Energy Storage with Lithium Ion Batteries is a highly efficient means for storing energy from intermittent generating sources like wind and solar. This enables on-demand availability of energy to customers at times of peak energy demand in addition to storing excess production at times of low demand.

Sankar Das Gupta

Cary, North Carolina

Pat Hayes

Electrovaya is the prime contractor in this project and expects the 1.5MWh Energy Storage System to be operating by summer 2011.  

About Electrovaya:

Ontario, Canada Canada www.electrovaya.com

About ABB

www.abb.com Cary, North Carolina

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. 

SOURCE Electrovaya Inc.

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