SVOLT's 24-GWh BATTERY CELL FACTORY COMES TO GERMANY / Chinese high-tech company invests up to EUR 2 billion in two Saarland production sites - Seite 2

readiness. SVOLT also employs an active research and development team working in
the area of solid-state batteries.

The cobalt-free nickel manganese battery cells achieve an energy density
comparable to that of conventional high-nickel cells, but by doing without
cobalt, are more sustainable, durable and more economical. The high-tech company
plans to bring the first cobalt-free high-nickel battery cells installed in
vehicles onto the market as early as mid-2021. The target segment is the
mid-range volume market.

Strong local partnerships

Battery cell production is planned to start at the end of 2023 and will be
established near the Saarland town of Überherrn. In its final expansion stage,
it will achieve a production capacity of 24 GWh, which corresponds to batteries
for 300,000 to 500,000 electric cars per year. The module and pack factory will
be implemented on an already industrialised site at Heusweiler, which will be
retrofitted for module and pack production. Production is expected to start here
as early as mid-2022.

The large-scale project will be implemented in close cooperation between SVOLT,
the State Ministry of Saarland for Economic Affairs, Labour, Energy and
Transport (MWAEV) and Strukturholding Saar GmbH (SHS). With its implementation
concept, the MWAEV has actively entered into the settlement talks and was able
to convince SVOLT. SVOLT is commissioning SHS with the construction of the two
factories as a turnkey project.

100 GWh production capacity by 2025

SVOLT plans to establish 100 GWh battery cell production capacities worldwide by
2025. In addition to the plant in Germany, three plants are planned in the Asian
Pacific region with an installed total capacity of 76 GWh. SVOLT opened the
first of the four planned cell factories in Jintan, China in November 2019. In
addition, several module and pack plants are being created - depending on
customer requirements.

A total investment of EUR 8 billion is expected worldwide. The company intends
to employ around 10,000 people. At the same time SVOLT is continuously
developing its research and development capacities.

Statements

Hongxin Yang , President & General Manager SVOLT Energy Technology: "For SVOLT
as a global high-tech company for electromobility, the European automotive
industry and the growing market for renewable energies are of great strategic
importance. We have selected Saarland as our first European production site for
SVOLT's high-end products for a number of reasons: It is not only at the heart
of Europe, but also represents a region of innovation and technology for the