Fjord Defence Group ASA

Environmental & Social Information • Mar 7, 2022

Carbon Transition portfolio company Britishvolt announces partnership with ultra-luxury carmaker Aston Martin

Carbon Transition portfolio company Britishvolt announces partnership with ultra-luxury carmaker Aston Martin

Oslo, 7 March 2022

Carbon Transition is pleased to announce that its portfolio company, Power by Britishvolt Limited, has partnered with Aston Martin, as the ultra-luxury carmaker moves another step forward in its journey to electrification, with an agreement to develop bespoke high performance battery cell technology.

The collaboration with Britishvolt brings together two innovative leaders in UK engineering to create the next generation of cell and battery technology designed specifically for high performance cars.

A joint research and development team from Aston Martin and Britishvolt will design, develop, and industrialise battery packs, including bespoke modules and a battery management system. The two organisations will work together to maximise the capability of special cylindrical high-performance cells being developed by Britishvolt for use in high performance Aston Martin electric vehicles.

Aston Martin is developing alternatives to the internal combustion engine. Continuing its electrification roadmap, Aston Martin’s first plug-in hybrid - the mid-engine supercar Valhalla – will commence deliveries in early 2024. By 2026, all new Aston Martin product lines will have an electrified powertrain option, with a target for its core portfolio to be fully electrified by 2030.

The collaboration with Britishvolt is complementary to Aston Martin’s strategic technology agreement with Mercedes-Benz AG. Any investment will be funded by existing capital expenditure commitments to developing electric vehicles.

Orral Nadjari, Chief Executive Officer and Founder of Britishvolt:

“For a prestigious marque such as Aston Martin, staying true to its world-renowned brand of ultra-luxury, high-performance vehicles, whilst transitioning to electrification, means insisting on customised, sustainable battery cell technology that pushes the boundaries of performance. Britishvolt is excited to be collaborating with Aston Martin, helping accelerate that switch to electrification – I believe we make formidable partners.

“This collaboration once again highlights the value of working hand-in-glove with customers to co-develop and manufacture tailored, sustainable, localised battery cells, allowing vehicle makers to deliver superior products. Technologies that reset the benchmarks.

“We are excited about the prospect of an all-electric Aston Martin powered by Britishvolt’s low carbon, sustainable battery cells. Collaboration like this is the only way forward for a successful energy transition.”

Tobias Moers, Chief Executive Officer of Aston Martin Lagonda:

“This powerful collaboration combines Aston Martin’s 109 years of engineering mastery with the expertise of a fast-growing UK technology business. Working together with Britishvolt, I believe we can create new technologies to power benchmark-setting Aston Martin electric cars that will match our reputation for high performance and ultra-luxury with the highest standards of sustainability.

“Supplementing the close strategic relationship with our shareholder Mercedes-Benz AG, this partnership provides Aston Martin with additional access to technology and skills to broaden our electrification options. We are proud to be partnering with a UK-based, low-carbon battery manufacturer as part of our ambition to be a leading sustainable ultra-luxury business, with a commitment to the Science Based Targets Initiative Net-Zero standard.”

Today’s announcement builds on Aston Martin’s continued investment in the future of British advanced engineering and developing the high-performance cars of the future. 176 engineers were recruited to the business in 2021, including specialists in electrified powertrain and other areas such as vehicle calibration, software, and electrical systems. Further additions are planned as part of a new drive to attract the best talent to develop Aston Martin’s next generation of sports cars and future electric vehicles.

For more information on the Britishvolt announcement: https://www.britishvolt.com.

On 31 August 2021, Carbon Transition announced that it had made an equity investment of approximately USD 1.7 million in the Series B equity private placement in the UK-based Power by Britishvolt Limited. In addition, Carbon Transition secured a special option (independent of the Series B investment) to acquire additional shares with the value of USD 1.7 million, at the same price per share as the subscription price in the Series B round. (see the stock market announcement: https://newsweb.oslobors.no/message/541202).

For further information, please contact:

Nils Haugestad, Interim CEO & CFO

nils.haugestad@carbn.no

+47 977 04 439

About Carbon Transition ASA

Carbon Transition ASA ("CARBN") is an investment company listed on Euronext Expand. CARBN has a strategy to invest in companies and technologies which contribute to significant reductions of carbon emissions. The company may also invest more broadly in the "energy transition" space. CARBN has a legacy seismic business operating under the name Axxis Geo Solutions, with both an ocean-bottom seismic contract business and a multi-client data library. More information on www.carbn.no..

About Power by Britishvolt Limited

Britishvolt is a developer, and future manufacturer, of next-gen lithium-ion cell chemistries and batteries for electric cars, and beyond, established with the aim to meet rapidly accelerating EV demand. Britishvolt is on target to becoming a world leading sustainable, low-carbon battery cell producer. The company’s goal is to accelerate the advent of a carbon neutral society through delivering sustainable battery storage solutions for the automotive and wider transportation sector, as well as BESS, and is experiencing strong political support in jurisdictions where they will develop and operate plants. More information on www.britishvolt.com..