[February 20, 2024]

Enevate Licensee JR Energy Solution Starts Operation of Korea's First Electrode Foundry

Enevate, a pioneering battery innovation company with technology enabling extreme fast charge with high energy density batteries for electric vehicles (EVs) and other markets, announced that JR Energy Solution (JR ES) has started operation of Korea's first electrode foundry, with capability to manufacture electrodes containing Enevate's technology.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240220660236/en/

Operators hold an anode and cathode roll at JR ES, Korea's first electrode foundry, with capability to manufacture electrodes containing Enevate's technology. (Photo: Business Wire)

JR ES is a leader in the development and manufacturing of high-performance lithium-ion battery electrodes with a unique electrode and battery cell foundry model, enabling lithium-ion cell manufacturers and other partners to purchase tailor-made electrodes and, in the future, cell solutions.

Enevate's innovative silicon battery technology represents significant advances in battery performance. This cutting-edge technology charges up to 10 times faster than traditional lithium-ion batteries, offering a competitive edge in the rapidly evolving battery market. The technology not only achieves superior energy densities but also provides enhanced safety features and operates efficiently in low-temperature environments, making it a versatile solution. Importantly, Enevate's technology readily integrates with existing manufacturing infrastructure, such as that of JR ES, eliminating the need for costly new production equipment and processes, leading to higher profitability. This compatibility underscores the potential for a smooth, cost-effective transition to this advanced technology.

"JR Energy Solution is a visionary company, well positioned to address future requirements of battery customers and will serve both startup and established cell manufacturers alike with silicon dominant anodes," said Enevate CEO Bob Kruse. "This cstomer-centric approach and JR ES's exceptional manufacturing quality caters to a diverse range of requirements, including those of leading automotive OEMs."

A pioneer in electrode supply within Korea, JR ES, has strategically invested in an electrode manufacturing plant, demonstrating its commitment to advanced battery technology and sustainable energy solutions. The plant, located on a 20-acre site in the Yongsan Industrial Complex, Eumseong, Chungcheongbuk-do, is well-positioned to serve both the Korean market and beyond. Built in just 8 months, the facility showcases the team's efficiency and expertise. With an annual production capacity of 500MWh of anode and cathode electrodes, the plant is set to enhance battery performance and reliability.

"Our business model, resembling a semiconductor foundry, allows partners to access customized, advanced technology electrode solutions," said JR Energy Solution CEO Duke Oh. "It allows us to produce a variety of advanced electrodes including anodes with Enevate's breakthrough fast charge technology. We are committed to delivering high quality cutting-edge products."

JR ES projects electrode sales to reach $15 million in 2024, reflecting strong market demand. Looking ahead, JR ES plans to expand with an additional electrode plant in 2025, boasting a capacity of 2GWh, further solidifying their industry leadership.

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 650+ 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. Enevate^®, the Enevate logo, HD-Energy^®, XFC-Energy^® and eBoost^® are registered trademarks of Enevate Corporation.

ABOUT JR ENERGY SOLUTION (www.jrenergysolution.com)

JR Energy Solution, Inc., a company boasting expertise in manufacturing battery electrodes (both cathodes & anodes), was established as a designated electrode foundry in December 2022 by a group of highly experienced battery professionals.

As electrodes are a key determinant of performance, safety, longevity, and thus the overall quality of a battery, their production requires high technical skills with a significant amount of capital expenditures (Capex) in plants and machinery. Such technical complexities and huge financial burdens have consequently created a high barrier that is well known as one of the main characteristics of the electrode manufacturing process.

JR Energy Solution's vision is to enable various customers to accelerate their development process and outsource parts of their production capacity to successfully launch their battery products in the market and to become the TSMC of the battery industry with its unique foundry business model including cutting-edge production lines along with highly experienced production professionals.

JR Energy Solution started initial production with 500MWh of annual paired electrode capacity (500 MWh cathode + 500 MWh anode) and is subsequently preparing additional 2GWh of annual paired capacity from Q1/2025 in South Korea.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240220660236/en/

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