Electrovaya Launches Maya-300: A Zero-Emission, Low-Speed Electric Vehicle

TORONTO, ONTARIO, Jan 23 (MARKET WIRE) --
Electrovaya (TSX: EFL) announced today that it is launching the
Maya-300, a zero-emission, low-speed electric vehicle. It will have an
extended range of up to 120 miles on a single charge, powered by
Electrovaya's Lithium Ion SuperPolymer(R) battery technology with
integrated iBMS(TM) (intelligent battery management system).

The Maya-300 will be an affordable, zero-emission transportation solution
with sufficient range for many drivers. Its top speed is electronically
regulated to either 25 or 35 mph, as per state regulations. It offers a
superior long electric range of up to 120 miles on a single charge and
works very well in cold weather conditions. The on-board battery charger
allows for convenient recharging with standard 110V outlets.

The Maya-300 is designed for urban and neighborhood driving patterns. It
will be ideal for fleet operators in cities, universities and parks as
well as the many households with a second or third vehicle for urban
driving within a local neighborhood. The Maya-300 offers these users a
clean, zero-emission alternative with sufficient range, low maintenance
costs and extremely low operating costs.

To view a picture of Maya-300 please visit the following link:

http://www.ccnmatthews.com/docs/Maya300.pdf.

"We are very pleased to launch the Maya-300," notes Dr. Sankar Das Gupta,
CEO of Electrovaya, "This marks a new era where affordable, zero-emission
clean transportation solutions become available with sufficient range for
daily local driving. The Maya-300 is a terrific, high profile solution
for many fleet operators with a driving range longer than other low-speed
electric vehicles. Its operational convenience, low operating costs and
all-weather performance are a winning combination."

The Maya-300 will use Electrovaya's proprietary Lithium Ion
SuperPolymer(R) battery technology system featuring its MN-Series with a
balanced energy and power density optimization. The MN-Series is
Electrovaya's preferred chemistry for transportation because it offers up
to 40-60 percent higher energy density with comparable safety
characteristics to its Phosphate-Series offerings.

The Maya-300's battery system incorporates battery separator films from
ExxonMobil. Separator film is an integral part of battery system design
and critical to overall performance. Innovations in these component
technologies enable Electrovaya's battery platform technology to be
optimized for applications like transportation, which require safe,
cost-effective, high performance technologies.

"ExxonMobil is pleased to collaborate with Electrovaya on this important
technology," said Jim Harris, Senior Vice President, ExxonMobil Chemical.
"Electrovaya's new electric vehicles have improved safety and reliability
performance as a result of ExxonMobil's battery separator films."

This announcement complements several other Electrovaya clean
transportation applications. These include zero-emission electric
vehicles and plug-in hybrid electric vehicle applications in Europe, Asia
and North America.

About ExxonMobil Chemical:

ExxonMobil Chemical is a global leader in technology, product quality and
customer service with petrochemical manufacturing and/or marketing
operations around the world. For more information visit:
www.exxonmobilchemical.com.

About Electrovaya:

Electrovaya is a developer and manufacturer of portable power solutions
with its propriety Lithium Ion SuperPolymer(R) battery and systems
technology. Its goal is to become the preferred provider of clean energy
solutions, portable power systems and Lithium Ion SuperPolymer(R)
batteries. System solutions for mobile applications include: zero
emission vehicles, plug-in electric hybrid vehicles, mobile computing
(Tablet PCs), solar energy storage, UPS and stand-by power. The company's
shares trade on the Toronto Stock Exchange under the symbol EFL. For
further information about Electrovaya, see www.electrovaya.com.

Forward-Looking Statements

This news release may contain forward-looking statements that involve a
number of risks and uncertainties, including statements regarding the
outlook for the Company's business and results of operations. Risks are
outlined in the Company's MD&A for the year ending September 30, 2007 and
are set forth in public disclosure documents filed with Canadian
regulatory authorities. By nature, these risks and uncertainties could
cause actual results to differ materially from those indicated. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Contacts:
Electrovaya Inc.
P. L. Hart
Chief Financial Officer
(905) 855-4636 or 1-800-388-2865 Ext. 4636
Email: plhart@electrovaya.com
Website: www.electrovaya.com

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