BDA advises Tata Motors European Technical Centre on transaction with Electrovaya Inc

Electrovaya Inc. has announced that it has acquired 71.6% of the shares of Miljøbil Grenland AS, bringing Electrovaya's shareholding to 78.1% of MBG. MBG is based in Porsgrunn, Norway. BDA acted as exclusive financial advisor to the seller, TATA Motors European Technical Centre Plc.

MBG has invested about US$30 million in lithium ion battery technologies for a range of electric vehicle and other transportation applications.

"We are delighted to be adding MBG to the Electrovaya team," says Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "This enables Electrovaya to expand into Europe, acquire a large portfolio of battery patents and other intellectual property, acquire plant and machinery and add a product portfolio which is targeted to the energy storage, marine and electric vehicles market while adding a strong technical team with many years of lithium ion battery systems experience." continues Dr. Das Gupta.

"Europe has been a pioneer in the use of Ethical Products and Green Energy Technology and we believe this resonates perfectly with Electrovaya's proprietary and unique non toxic ethically produced Lithium Ion batteries with superior high energy density." concludes Dr. Das Gupta.

BDA Transaction Team
Andrew Huntley, Senior Managing Director
Jonathan Aiken, Senior Associate
SJ Lo, Analyst

About Miljøbil Grenland, AS
Miljøbil Grenland AS (MBG) is a technology and engineering company with cutting-edge expertise in energy storage, electric vehicles and proprietary battery technology. The company specializes in development and pilot series production of battery and control systems. MBG has developed Li-ion battery systems for the automotive industry and is working on new applications for use in electrically powered ferries and other marine transportation applications. MBG was founded in 1997 and is based in Porsgrunn, Norway. For further information, please see www.miljobil.no.

About BDA
Business Development Asia LLC ("BDA") is a leader in cross-border investment banking. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996, and has built a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe and Asia. BDA was named Investment Banking Firm of the Year by M&A Advisor in December 2010. BDA is headquartered in New York with offices in London, Beijing, Shanghai, Hong Kong, Mumbai, Bahrain, Seoul and Tokyo. For further information, please see www.bdallc.com.