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Celectrovaya News for Immediate Release Electrovaya Reports Q2 FY2021 Financial Results Quarterly revenue increases 50 % year - over - year Toronto , Ontario - May 11 , 2021 - Electrovaya Inc. ( " Electrovaya ” or the “ Company ” ) ( TSX : EFL ; OTCQB : EFLVF ) , a lithium ion battery manufacturer with industry - leading performance and substantial intellectual property , today reported its financial results for the fiscal second quarter ended March 31 , 2021 ( “ Q2 FY2021 ” ) . All dollar amounts are in U.S. dollars unless otherwise noted . Q2 FY2021 Financial Highlights : • • • Revenue increased 50 % to $ 2.9 million ( C $ 3.7 million ) , as compared to $ 1.9 million ( C $ 2.4 million ) in the fiscal second quarter ended March 31 , 2020 ( " Q2 FY2020 ” ) . Revenue for the six - month period ended March 31 , 2021 ( " YTD FY2021 " ) increased 96 % to $ 5.5 million ( C $ 6.9 million ) , as compared to $ 2.8 million ( C $ 3.5 million ) in the six - month period ended March 31 , 2020 . EBITDA¹ was negative $ 0.8 million ( C $ 1.0 million ) , as compared to negative $ 1.0 million ( C $ 1.3 million ) in Q2 FY2020 . The Company ended the quarter with $ 2.5 million ( C $ 3.1 million ) in cash and had drawn $ 2.2 million ( C $ 2.8 million ) on its working capital facility , which has a maximum availability of $ 5.6 million ( C $ 7 million ) . The Company raised proceeds of $ 7.8 million ( C $ 9.8 million ) in the quarter through the private placement of shares and the exercise of warrants and options , and used a portion of the proceeds to reduce the working capital facility by $ 1.8 million ( C2.3 million ) , further strengthening its balance sheet . Q2 FY2021 Business Highlights : • ● • In February 2021 , Electrovaya announced that it submitted an initial application to list its common shares on the Nasdaq Stock Market ( " NASDAQ ” ) . In March 2021 , the Company announced the launch of its electric bus lithium ion battery systems with the delivery of a 700V , 300kWh battery . This product launch marked Electrovaya's entry into the emerging electric bus market . Electrovaya batteries are now powering electric lift trucks in five big box retail stores in the New York City region owned by a Fortune 100 retailer with several thousand stores . The Company continues to receive repeat orders from Fortune 500 companies as they recognize the efficiency gains provided by Electrovaya's lithium ion batteries . Electrovaya's US - based OEM partner for electric lift trucks has started marketing the Company's batteries into Canada , South America and Australasia , in addition to the United States . This OEM sales activity began in earnest from Q2 FY2021 after the