ELECTROVAYA INC. Proxy Solicited by the Board of Directors and Management for the Annual and Special Meeting of Shareholders to be held on March 24, 2023 at 4:00 p.m. (Toronto time) at the offices of Electrovaya at 6688 Kitimat Road, Mississauga, Ontario L5N 1P8. This proxy is solicited by the Board of Directors and Management of Electrovaya Inc. The undersigned common shareholder of Electrovaya Inc. hereby appoints Dr. Raj Das Gupta of Mississauga, Ontario, President and Chief Executive Officer, or failing him, John Gibson, of Mississauga, Ontario, Chief Financial Officer and Secretary, or instead of either of the foregoing, ___________________________________________ of ______________________________________________, as the nominee of the undersigned to attend, vote and act for the undersigned and on behalf of the undersigned at the Annual and Special Meeting of Shareholders of Electrovaya Inc. to be held at 4:00 p.m. (Toronto time) on the 24th day of March, 2023 and at any adjournment or adjournments thereof. Without limiting the general power and authority conferred, the said proxy is specifically directed to vote as follows on the following: (Vote for each item by marking an “X” in the appropriate box.)

1. Election of Directors Dr. Sankar Das Gupta FOR  AUTHORITY WITHHELD  Dr. Carolyn Hansson FOR  AUTHORITY WITHHELD  Dr. James K. Jacobs FOR  AUTHORITY WITHHELD  Mr.Kartick Kumar FOR  AUTHORITY WITHHELD  Dr. Rajshekar Das Gupta FOR  AUTHORITY WITHHELD 

2. Appointment of Auditors and Authorizing Board to fix their remuneration FOR  AUTHORITY WITHHELD 

3. A special resolution authorizing the Board to amend the articles of Electrovaya Inc., the filing and implementation of which articles of amendment shall be entirely at the discretion of the Board of Directors, the effect of which amendment would be to consolidate the Company's issued and outstanding common shares on the basis of one new common share for up to every five pre-consolidation common shares, or such lower consolidation ratio as the Board may in the future determine and as may be accepted by the Toronto Stock Exchange, all as more particularly described in the management information circular of Electrovaya Inc. dated February 21, 2023 (the “Consolidation Resolution”) FOR  AGAINST 

Unless directed herein to the contrary, this proxy will be voted (i) FOR the election of directors; (ii) FOR the appointment of auditors and authorizing the Board to fix their remuneration; and (iii) FOR the Consolidation Resolution. The securities represented by this proxy will be voted in accordance with the instructions of the shareholder on any ballot that may be called for at the Annual and Special Meeting. If any amendments to or variations of matters identified in the Notice of Meeting are proposed at the Annual and Special Meeting or if any other matters properly come before the Annual and Special Meeting, this proxy confers discretionary authority to vote on such amendments or variations or such other matters according to the best judgment of the person voting this proxy at the Annual and Special Meeting. DATED this ________ day of _________________, 2023 Signature of Shareholder/Authorized Representative