Raymond and Electrovaya Announce Strategic Supply Agreement

Toronto, Ontario– December 18th, 2020 – Electrovaya Inc. (“Electrovaya”) (TSX:EFL) (OTCQB:EFLVF) and The Raymond Corporation (“Raymond”) today announced that they have completed a Strategic Supply Agreement for the supply of battery systems for Raymond’s Energy Essentials Battery line. The agreement provides Raymond with exclusively distributed Raymond branded lithium-ion batteries that are UL 2580 Listed and compatible with most class I, II and III Raymond lift trucks. The battery systems utilize the latest Electrovaya NMC Ceramic lithium-ion battery technologies and provide a full integration with the Raymond vehicles.
“Our decision to collaborate with Electrovaya as a strategic supplier followed many months of rigorous engineering and testing activities. Energy Essentials distributed by Raymond enables a complete and unique integration between the truck and battery, giving full visibility to operational data elements including state-of-charge” said Jennifer de Souza, Senior Director of Energy Solutions, Procurement and Leasing for The Raymond Corporation. “Engineered to excel in tough material handling applications, these lithium-ion solutions provide our customers with significant productivity enhancements, including increased uptime and reduced electricity costs.”
“We are excited with the advancement of our relationship with The Raymond Corporation and this agreement supersedes our existing 2019 sales agreement. These battery systems, when paired with Raymond material handling equipment, have the potential to increase energy and greenhouse emission savings for customers, especially those with multi-shift operations.” said Rajshekar Das Gupta, Vice President Technology and Business Development, at Electrovaya. “From a commercial standpoint, Raymond’s sales reach and ability to service and support a large range of customers, increases the potential distribution of these battery systems.”
For more information, please contact:
Jason Roy, Director Investor Relations and Communications
Electrovaya Inc.
905-855-4618
jroy@electrovaya.com
About The Raymond Corporation

The Raymond Corporation is a leading global provider of best-in-class material handling products and intelligent intralogistics solutions. Built on principles of innovation and continuous improvement for over 95 years, Raymond's integrated automation, telematics, virtual reality and advanced energy solutions provide ways to optimize operations and bring warehouse and distribution operations to a new level of performance. Raymond® electric forklift trucks are engineered to achieve increased productivity and efficiency and are designed to provide ecological and economic benefits. Raymond delivers solutions to material handling and logistics markets in North America and globally. Combining operational excellence, award-winning innovation and world-class global customer support, we work together to run better, manage smarter and keep our customers always on. For more information, visit raymondcorp.com and follow us on Facebook, Twitter, YouTube and LinkedIn.
Raymond® is a U.S. trademark of The Raymond Corporation.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) designs, develops and manufactures proprietary lithium ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.

To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.