Aurora Solar Technologies Inc. — Management Reports 2024

Mar 26, 2024

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Aurora Solar Technologies – Corporate Update

Burnaby, March 26, 2024 – Aurora Solar Technologies Inc. (TSX.V: ACU) (the “ Company ”) is pleased to update shareholders on the prospects of the Company following the filing of the Company’s financial statements and corresponding MD&A on February 28, 2024 on SEDARplus.ca.

• Market Growth

The global photovoltaic ("PV") solar energy manufacturing market conTnues to exhibit impressive year-on-year growth, with significant investments in wafer, cell, and module plant expansions. According to recent studies by PV Tech Research, the solar industry remains on track for doubling producTon approximately every three years and anTcipates its first ever 1TW of solar cell producTon in 2026. DirecTonally, solar cell producTon is changing with the fast adopTon of n-type cell technology with TOPCon and variants forecasted to become mainstream from 2025 onwards. MulT juncTon technologies are emerging as the next leap in technology later in this decade.

According to Clean Energy Associates, module capacity has similar forecasts for delivering renewable energy globally. Demand for modules is propelling the need for wafers and cells with enhancements in quality and reducTons in cost to achieve best in class products. The dynamics of module sourcing are also becoming increasingly complex with assembly regions diversifying to address issues associated with traceability and understanding the origins of modules.

• PosiToning for Growth

The Company is well posiToned to take advantage of the industry growth and transiTons by leveraging its proprietary non-contact, high speed machine vision products and coupled with machine learning and defect characterizaTon through imaging standards and arTficial intelligence.

The Company has been focused on building its business through product life cycle improvements for its off-line imaging tool business. In addiTon, the Company has been invesTng in its W (wafer) and C (cell) in-line producTon imaging tools for TOPCon and novel manufacturing variants, such as, copper plaTng for solar cell manufacturing applicaTons. The Company has recently achieved a number of third-party technical milestones and it is now pursuing mulTple demonstraTon and sales opportuniTes for in-line producTon applicaTons.

As the Company develops comprehensive in-line solar cell data sets, it will then soon be able to offer imaging and sobware soluTons that go beyond fault detecTon usages. ArTficial intelligence and data characterizaTon to improve cell efficiency and establish imaging standards for quality assurance is expected to be a significant compeTTve advantage for the Company. This opportunity represents a pull strategy to grow sales as it is expected to form an essenTal component of a client’s quality assurance program.

(mulT-juncTon) product where customer interest is starTng to emerge for the next generaTon of solar cells. The Company is also focused on its M (module) products where it recently had its first commercial module sales to the United States and is a key component of the Company’s current product and market roadmap.

markeTng plan that supports a capital markets strategy that is being readied for the second half of 2024.

• Successful AcquisiTon & Restructuring – Now TransiToning to Growth

The Company is capitalizing in this expanding market as evidenced by the successful restructuring of combined business operaTons and as demonstrated in the most recent financial statements. Management has been instrumental in achieving these operaTng results with the Company on track for the most annual revenue in the history of BT Imaging. Year over year sales growth as measured by a combinaTon of orders and product shipments is anTcipated to be approximately 20% for the fiscal year 2024 as compared to fiscal year 2023.

The Company has a solid balance sheet, is self-funding and its sales pipeline is diversifying with veied product opportuniTes in the United States and India. Management has been invesTng posiTve cash flow into the business in the areas of technical experTse, business development, product lifecycle improvements and growth iniTaTves. The Company is now in a strong posiTon to grow based on conTnued commercial success and technical momentum.

As the Company executes on the above growth iniTaTves, the Company believes it will increase in importance in terms of product applicaTons, technical experTse and leadership which will enable the Company to pursue value enhancing transacTons to accelerate organic growth. Contemporaneously, the Company’s business development plans for the upcoming fiscal year include exploring inorganic growth opportuniTes through judicious merger and acquisiTon transacTons and collaboraTve arrangements with third parTes.

• Strengthening Capability

The Company has recently welcomed a number of consultants that have technical experTse specific to growth iniTaTves, manufacturing and supply chains. The Company has issued 5,250,000 opTons to an officer and consultants exercisable at $0.05 for a five-year term, vesTng over three years, subject to TSX Venture Exchange approval. It is expected several of these consultants will join the Company full Tme during the second half of 2024.

About Aurora Solar Technologies and BT Imaging:

BT Imaging Pty Ltd., a leader in photoluminescence measurement for the solar industry, enhances quality control with its focus on advanced machine vision, defect categorization, and machine learning. The Company acquired BT Imaging for strategic purposes in the evolving aspects of Photovoltaic materials science, automation, and process control in solar manufacturing. BT Imaging leverages artificial intelligence and data characterization to improve cell efficiency and establish stringent imaging standards for quality assurance. With headquarters near Vancouver, Canada, the Company has operations in Sydney, Australia and Shanghai, China. Its products are installed worldwide by customers and partners in all major solar manufacturing markets. The Company is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner.

For more informaTon about our products and operaTons, please visit our websites at www.aurorasolartech.com and www.bTmaging.com.

For media inquiries or further informaTon contact:

Jake Bouma

Corporate Development Phone: +1 (604) 317-3936

corpcomm@aurorasolartech.com

Neither the TSX Venture Exchange nor its Regula7on Services Provider (as that term is defned in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.