VOLT GROUP LIMITED — Capital/Financing Update 2015

Feb 2, 2015

ASX Announcement

Enerji Ltd (ASX:ERJ) 03 February 2015

$15.1M Hybrid Solar Thermal Project Planned

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 6] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

Enerji has entered a binding Agreement with Carbon Reduction Ventures Pty Ltd (CRV) and Morawa Solar Thermal Pty Ltd (MST) for the planned development of a Hybrid Solar Thermal Project.

This project is supported by the WA State Government through the Low Emissions Energy Development (LEED) Fund.

CRV is a developer of advanced solar and hybrid solutions and is the project proponent. MST is the project vehicle and has a Financial Assistance Agreement for LEED funds of $3,775,000 comprising 25% of the budget of $15,100,000. The Project includes the ATEN 3 technology, developed by Enerji, and an Opcon Powerbox. The project has zero emissions with all of the energy to drive the power generator coming from a ground-breaking hybrid arrangement combining solar thermal energy with waste heat. The Solastor System, which stores energy in high temperature graphite, is supplemented by waste heat harvested from the exhaust of a fossil fuel power station.

Thermal energy company Enerji Ltd is pleased to announce a binding agreement with CRV and MST to develop their Hybrid Solar Thermal Project.

Strategic Value

Securing this agreement is an important milestone for Enerji and a catalyst for significant strategic opportunities including:

==> picture [7 x 7] intentionally omitted <==

• Commercialisation of Enerji’s ATEN systems.

==> picture [7 x 7] intentionally omitted <==

• A validation of Enerji’s new IP and the ongoing IP development strategy.

==> picture [7 x 7] intentionally omitted <==

• Deployment of new and unique technology. Deployment of an Opcon Powerbox.

==> picture [7 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

• An exciting opportunity to build a working relationship with the project parties.

==> picture [7 x 7] intentionally omitted <==

• Creates new and further develops existing markets for thermal energy projects.

Hybrid Solar Thermal Project

The Hybrid Solar Thermal Project is one of the projects within Enerji’s “Five-Projects” strategy. Enerji has been collaborating on this project for 12 months undertaking concept development and preparatory work.

The key characteristics of the project are projected to be:

	Budget	$15,100,000
	Power generated (annually)	5500MWh
	Emissions abated (annually)	3476 tonnes
	Heat storage capacity	10MWh
	Stage 1 – power from waste	15 months from
	heat	FID
	Stage 2 – power from solar thermal	24 months from FID

Electricity produced by the project will generate revenue by displacing fossil fuel power generation.

The project will apply Enerji’s ATEN 3 system to collect thermal energy from two sources with distinctly different heat characteristics. Medium temperature heat is harvested from the exhaust of the host power station, and high temperature heat is collected from concentrated solar thermal.

The flexibility of collecting concentrated thermal energy from multiple sources provides diversity

info@enerji.com.au page 1 www.enerji.com.au

Enerji Limited 1/136 Stirling Hwy ABN 62 009 423 189 North Fremantle, WA 6159

T +61 8 6420 9930 F +61 8 9430 7522

and redundancy. The ATEN 3 system applies accretive principles to optimise and regulate each energy source and further optimises the overall thermal energy mix. The system also enhances the thermal energy quality and governing, for power generation, in a manner that improves overall operating efficiency when compared to using either heat source in isolation. The cumulative benefit is improved efficiency and capacity factor, resulting in compounded improvements to capital efficiency.

Pipes Harvesting Thermal Energy from Exhaust[2,3]

==> picture [235 x 216] intentionally omitted <==

Thermal Energy

The waste heat, which is available in relatively large quantities, is harvested from the exhaust of multiple fossil fuel engines and at a medium temperature of up to 475°C.

Hybrid Solar Thermal Project Configuration

high purity graphite as an energy storage medium, which is capable of operating at up to 800°C with little complexity and great reliability.

==> picture [512 x 418] intentionally omitted <==

----- Start of picture text -----

which is capable of operating at up to 800°C with
little complexity and great reliability.
This system is not reliant upon the use of caustic
STR
or corrosive materials such as molten salts.
STR
STR
ORC Circuit
T G
Evaporator
Solar Collector Circuit
Condenser
Concentrator Solar
ATEN 3 System Opcon Powerbox
Thermal System
Cooling Water
Circuit
The thermal energy stored in the STRs can be
Exhaust
dispatched at any time. It is controlled where the
heat transfer medium (steam) is passed through
heat exchangers embedded within the STRs to
extract and transfer the energy.
Power Plant
The stored thermal energy can be applied for
the maximum benefit irrespective of the time of
day or the sunshine at a particular moment.
Waste Heat Recovery System Such as short-term interruptions to other energy
----- End of picture text -----

The stored thermal energy can be applied for the maximum benefit irrespective of the time of day or the sunshine at a particular moment. Such as short-term interruptions to other energy sources, or for peak loads that often occur at or just after sunset (at a time when the stored thermal energy can be at its maximum).

The high quality solar thermal heat is able to be collected using the Solastor System (by Solastor Pty Ltd). The solar thermal receivers (STRs) use

page 2

The Solastor System offers the following advantages over other forms of renewable energy:

==> picture [7 x 7] intentionally omitted <==

• It can provide electricity 24 hours a day - enhancing its value.

==> picture [7 x 7] intentionally omitted <==

• Is modular and is therefore suitable for both small and large applications.

==> picture [7 x 7] intentionally omitted <==

• Production/storage costs are highly competitive with alternatives.

==> picture [7 x 7] intentionally omitted <==

• It has minimal environmental impact and a small footprint.

Graphite Solar Thermal Receiver[1,3]

==> picture [226 x 211] intentionally omitted <==

It is the first and only solar thermal technology in the world to utilise toroidal heliostats for the collection and concentration of the solar energy in graphite.

The thermal energy is delivered by the ATEN 3 system to the Opcon Powerbox where it is transferred to the ORC working fluid in an evaporator. The Powerbox is an emission free, mobile, stand-alone, organic Rankin cycle power plant with a net output of 750kW electrical.

The project will be located at a remote area mine and mineral processing facility, which will utilise the power that is produced. Any heat not converted to power is diverted through the cooling system.

Organic Rankine Cycle Evaporator[2,3]

==> picture [234 x 164] intentionally omitted <==

Gearbox and Electrical Generator[2,3]

==> picture [234 x 157] intentionally omitted <==

Evaporative Cooling Tower[2,3]

==> picture [234 x 165] intentionally omitted <==

Heliostat field[1,3]

==> picture [487 x 136] intentionally omitted <==

1. Images Courtesy of Jiangyin Runyang Solar Power System Co., Ltd

2. Images of Enerji’s Carnarvon project

3. These images are not of this Hybrid Solar Thermal Project but are representative of the concept and equipment

page 3

Three Tower Concentrator Solar Thermal Facility[1,3]

==> picture [482 x 279] intentionally omitted <==

==> picture [260 x 18] intentionally omitted <==

Binding Agreement

==> picture [7 x 7] intentionally omitted <==

Principals are set out for other payments to MST, CRV and related parties as follows:

Enerji’s agreement with CRV and MST outlines the contractual relationship agreed between the parties with the key elements being:

• Are within the project budget.

• Relate to project services and intellectual property.

==> picture [7 x 7] intentionally omitted <==

• The exclusivity of Enerji’s role is subject to making a final investment decision by 30 June 2015.

• Timing is linked to the Framework Agreements, final investment decision and project execution milestones (which will be reported in due course).

==> picture [7 x 7] intentionally omitted <==

• The parties will proceed to prepare the project Framework Agreements comprising:

• Build, operate and transfer agreement for Enerji to build the project, operate (and earn revenue) for a trial period and subsequently transfer control to MST.

Successful completion of the project is subject to meeting the conditions set out in the agreement but also other conditions typical for this type of project, such as environmental and regulatory approvals.

• Finance agreement including factoring of the qualifying R&D rebate and funding of the remaining gap.

The LEED funding has as a condition precedent that the finance agreement is required by 30 June 2015.

==> picture [7 x 7] intentionally omitted <==

• An option for Enerji (or an Enerji nominee) to acquire MST for nominal consideration.

==> picture [7 x 6] intentionally omitted <==

• Enerji will proceed to negotiate an off-take agreement with a host in keeping with agreed project criteria including economic viability, technical viability and tenure (Discussions have commenced with prospective hosts but detailed negotiations could not progress until now this agreement is executed).

Enquiries:

Steve Formica Enerji Ltd Chairman +61 8 9268 3800 www.enerji.com.au

About Enerji

==> picture [7 x 7] intentionally omitted <==

• Enerji will pay CRV, MST and related parties $200,000 as consideration for project services completed in 2014 and for shared ownership of intellectual property in relation to the project that were developed in the performance of those services.

Enerji Limited is a thermal energy company focused on delivering heat-to-power systems.

The technology transforms heat into electricity and therefore has potential for significant energy cost savings and reduced CO2 emission.

page 4