Electrovaya came to Bristol in November 2024 through a referral from a fund manager in Bristol's network.

The company had a strong foundation. Proprietary battery technology with an established safety record, blue-chip industrial customers, and a U.S. manufacturing expansion underway in Jamestown, New York. Six sell-side analysts covered the company and covered it well.

Electrovaya is dual-listed, trading on Nasdaq in U.S. dollars and on the Toronto Stock Exchange in Canadian dollars. Investor demand was thin on both sides of the border.

What management wanted was a wider base of professional investors who knew the company existed. On November 6, 2024, the day the engagement was signed, Electrovaya closed at $2.09 on Nasdaq with 9,231 shares traded, and at $2.88 CAD on the Toronto Stock Exchange with 9,350 shares traded.

Bristol introduced Electrovaya to a highly valued and difficult to access professional investor community built over more than two decades. Institutional fund managers, family offices, wealth advisors and independent money managers across North America and Europe who invest actively in small and micro-cap companies and who look to Bristol for ideas worth their time.

That community ran alongside the company's existing relationships and added to them. For Electrovaya it meant a large audience of professional investors who had not yet been introduced to the business.

Before taking Electrovaya to its investor community, Bristol worked with management on messaging and on refining the investor presentation.

The investor deck is the central marketing document of any engagement. It has to answer the questions professional investors will actually ask, in the order they will ask them, and it has to do so without overselling. That work came first. A large audience is only worth assembling once the story is ready for it.

The engagement was signed on November 6, 2024. Electrovaya's first Bristol investor webinar was held on December 5, 2024, twenty-nine days later, and drew 311 professional investors.

That turnaround was possible because the network already existed and Bristol's ability to onboard and execute quickly. Bristol did not have to assemble an audience from scratch. The community had been built over more than two decades and was available to Electrovaya from the day the engagement began.

Each webinar was a 60-minute virtual event, comprising a 30-minute management presentation followed by 30 minutes of live Q&A, promoted to Bristol's professional investor community.

Two things to highlight in that sequence.
The first is consistency. Every event over a twenty-month period drew more than 300 professional investors.
The second is that each event brought new investors. Some attendance across the four webinars overlapped, and that repetition matters. Investors who follow a company closely tend to attend more than once, and each presentation deepens their understanding of the business. But every event also put Electrovaya in front of a significant number of new professional investors who were hearing the story for the first time. Some had passed on the company earlier and came back to it as execution progressed. Others could not consider a business at its previous size and became able to as it grew into a valuation range their mandate allowed. Each webinar added to the base rather than re-presenting to the same room.
Registration figures also understate the following a company builds. An investor who has already heard management present, and who receives the company's updates through Bristol's ongoing distribution, does not necessarily register for every subsequent event. The webinar numbers are a floor rather than a ceiling.
Sell-side analysts attended each of the four events, with attendance ranging between 14 and 25.

Webinars built awareness. One-on-one meetings turned it into engagement. Following each event, Bristol identified the investors who showed genuine interest and arranged direct meetings with management.

Over the course of the engagement, both after webinars, earnings events and non-deal roadshow activity, Electrovaya management held an extensive program of one-on-one meetings with buy-side fund managers arranged through Bristol. These were filtered meetings rather than volume meetings. The objective was management time spent with investors who had already engaged with the story, not a calendar filled for its own sake.

Every Electrovaya press release is distributed to Bristol's professional investor network, consistently generating open rates in the 30 to 40 percent range. The most recent release reached 4,833 individuals.

Quarterly results receive particular attention. A quarter is when professional investors re-examine a position, and for a company scaling revenue and building out manufacturing capacity it is the point at which the thesis is either being validated or it is not. Bristol makes sure the community sees each quarterly release rather than leaving it to be found, and follows the reporting with one-on-one meetings for investors who want to work through the numbers directly with management.

That cadence is what keeps a company in front of investors between webinars. An investor who attended a presentation in March and then received and discussed the two quarters that followed stayed with the story rather than losing track of it. The webinars created the introductions. The quarterly rhythm maintained them.

After each webinar or organized roadshow, Bristol compiled structured feedback from the institutional investors, family offices, wealth advisors, sell-side analysts and investment bankers who participated, and delivered it to management as a formal written report.

Each report covered what resonated and what did not. It set out the questions investors raised, the areas where they wanted more disclosure, and the specific issues they would want addressed before building a position. Management received it unfiltered. Feedback edited to be flattering is not useful, and Bristol does not deliver it that way.

Across the Electrovaya program, investor reception has been consistently positive. Management has been repeatedly described as credible, disciplined and non-promotional, which carries more weight with professional investors than many management teams expect. The company's technology differentiation and its U.S. manufacturing expansion have been cited as the clearest reasons for interest, and a number of investors have reported initiating or adding to positions following the events.

Alongside the investor outreach, Bristol supports Electrovaya on communications when called upon, including review of press releases and assistance with earnings preparation.

• Share price: from $2.09 USD on Nasdaq at engagement to a multiple of that level today, with the TSX listing tracking the same move in Canadian dollars
• Average daily volume: from 9,231 shares on Nasdaq at engagement to approximately 500,000 shares, an increase of roughly 50 times, with materially higher volume on the TSX listing as well
• Institutional fund attendance: up approximately 20 percent across the webinar program, with U.S. fund attendance up from 81 to 94
• Investor meetings: an extensive program of curated one-on-ones with buy-side fund managers
• Research coverage: six analysts at engagement, six analysts today
• Status: Electrovaya remains a Bristol client