Enevate Announces New Production License Agreement with JR Energy Solution, Enabling Further Scale-up of its Breakthrough Battery Technology

Enevate, a pioneering battery innovation company featuring extreme fast
charge and high energy density battery technologies for electric vehicles
(EVs) and other markets, announced a new production license agreement with
JR Energy Solution (JR ES) to commercialize and further scale-up Enevate’s
silicon-dominant XFC-EnergyR battery technology in the transportation,
mobility and reserve power markets.

Based in South Korea, JR Energy Solution is an upcoming leader in
manufacturing high performance lithium-ion electrodes and battery cells.
With its unique electrode and battery foundry model, JR Energy Solution
enables lithium-ion cell manufacturers and other partners to produce
tailor-made lithium-ion electrode and cell solutions, while rapidly speeding
up development time, commercialization and time to market. JR Energy
Solution is known for its management team’s long history in lithium-ion
battery manufacturing and its focus on quality and capable equipment. After
its initial groundbreaking ceremony, JR Energy Solution is planning the
start of its first manufacturing facility from Q4 of 2023.

This production license agreement with JR Energy Solution is the next
milestone in Enevate’s commercialization plan utilizing its breakthrough
silicon-dominant battery technology. At the same time, Enevate will
accelerate JR Energy Solution’s market expansion and significantly expand
its technology pipeline and manufacturing capacity output.

Enevate’s next-gen lithium-ion battery technology delivers up to 10 times
faster charging than conventional lithium-ion batteries with high energy
densities along with a host of other benefits, including improved safety and
low-temperature operation for cold climates. Enevate’s technology is
compatible with state-of-the-art battery manufacturing equipment and does
not require capital intensive new production processes. With its extreme
fast charge capability, Enevate’s technology allows for a battery to charge
in as fast as five minutes.

“Combining Enevate’s revolutionizing technology with JR Energy Solution’s
world-class manufacturing capabilities will accelerate our growth and
expansion plans as we can now provide to our customers ultra-high
performance electrode and battery technology that exceeds the constantly
improving battery specification requirements,” said Duke Oh, CEO JR Energy
Solution.

“This production license agreement with JR Energy Solution, Enevate’s third,
is the next milestone in scaling the commercialization of Enevate’s
breakthrough technology and positions us at the forefront of battery
technology offering extreme fast charge, high energy density and improved
safety,” said Enevate CEO Bob Kruse. “The agreement shows the confidence and
trust of our partners in our technology and further validates Enevate’s
business model.”

The ever-increasing requirements of the battery market push the limits of
current battery technologies and keeping cost targets remains a critical
priority to increase market penetration by making next-generation battery
technology affordable to everyone. Therefore, Enevate’s battery technology
was specifically designed to be manufacturable using existing production
lines and equipment and is compatible with different lithium-ion cathode
chemistries.

ABOUT ENEVATE (www.enevate.com)

Enevate develops and licenses advanced battery technology for electric
vehicles (EVs), with a vision of EVs charging as fast as refueling gas cars,
accessible and affordable to everyone, and accelerating EVs’ mass adoption.
Boasting a portfolio of 643 patents issued and in process, Enevate’s
pioneering advancements (including leveraging accelerated battery testing
and machine learning) in silicon-dominant anodes and cells have resulted in
battery technology that features five-minute extreme fast charging with high
energy density, low-temperature operation for cold climates, low cost and
safety advantages over conventional batteries.

Enevate’s vision is to develop and propagate EV battery technology that
contributes to a clean and sustainable environment. The Irvine,
California-based company’s investors include Renault-Nissan-Mitsubishi
(Alliance Ventures), LG Chem, Samsung Venture Investment Corp, Fidelity
Management & Research Company, Mission Ventures, Draper Fisher Jurvetson,
Tsing Capital, Infinite Potential Technologies, Presidio Ventures – a
Sumitomo Corporation company, Lenovo, CEC Capital, and Bangchak. EnevateR,
the Enevate logo, HD-EnergyR, XFC-EnergyR and eBoostR are registered
trademarks of Enevate Corporation.