Mr. V-Bond Lee reports

VOLT CARBON TECHNOLOGIES RELEASES MID YEAR TEST RESULTS FOR ITS LITHIUM-ION BATTERY AND PROVIDES OPERATIONAL UPDATE

Volt Carbon Technologies Inc. has released its mid-year test results for its proprietary lithium-ion battery. Alongside these results, the company is pleased to provide a comprehensive operational update. The lithium-ion batteries were manufactured at Volt Carbon's subsidiary, Solid Ultrabattery's facility located in Guelph, Ont. These latest results represent the achievements of Solid Ultrabattery's facility during the first six months of 2023 and build upon the previous results released on Jan. 17, 2023.

Highlights:

• The battery pouch cells were manufactured using the company's proprietary technology, which incorporates composite electrolytes to enhance cycle life and battery stability. These cells were assembled with the company's custom electrolytes and membranes, combined with the high-energy cathode NMC811 and lithium metal, resulting in fabrication of the advanced battery cells.
• In summary, the lithium metal pouch cells have demonstrated substantially improved performance with 370 cycles at nearly 100-per-cent capacity. These results significantly surpass the previous findings from coin cell data, which showed 400 cycles at 81.8-per-cent capacity and were reported earlier this year.

Next steps

The test results reinforce the company's ambition to surpass 800 cycles and achieve 80-per-cent capacity by 2024 through its safe lithium metal battery technology. Moreover, the company has unveiled a technology road map that outlines its strategic plan for lithium-ion battery product development through to 2030.

This road map includes the continuing initiative to develop Volt Carbon's 5Ah 400 Wh/kg battery, which is expected to be prototyped in the upcoming quarter. The project has received support from the DAIR Green Fund, funded by the government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Additionally, there are plans in place to develop an all-solid-state battery by 2030. The road map encompasses various key technologies currently being pursued in the battery industry, such as the development of high-nickel cathodes like NMC 955, further advancements in lithium-ion phosphate technologies (LFP), high-voltage electrolyte development, silicone-infused anode development, and optimization of metal organic framework and ceramic separators.

During the current quarter, the company upgraded its prototype lab with additional fabrication and cycle test equipment, exclusively dedicated to producing and testing quantities of coin cells. This equipment has been acquired to support the objectives outlined in the technology roadmap. Furthermore, the new equipment will facilitate the development of battery-grade anodes refined from the graphite produced at Volt Carbon's Scarborough plant. This activity is anticipated to take place in the upcoming quarter.

Phase 1 of the battery plant, which includes the battery prototype fabrication and testing lab, has been successfully completed. Now, the company is preparing to implement phase 2, which involves designing and constructing a pilot line and dry room. These additions are crucial as they will allow the plant to manufacture cells at preproduction levels with higher-quality standards, effectively transforming it into a megawatt-size factory. The products produced from this pilot line will be targeted toward specialty consumer and industrial applications. To finance this initiative, the company is actively seeking to raise finances.

V-Bond Lee, the company's chief executive officer and president, in response to the results, expressed his satisfaction, stating: "I am very pleased to see these outstanding results; the cycle stability with this electrolyte has been exceptional. Our hard work is clearly evident in our test data. We remain committed to surpassing our performance targets of 800 cycles and 80-per-cent capacity, which are crucial benchmarks for potential use in electric vehicles."

About Volt Carbon Technologies Inc.

Volt Carbon is a publicly traded carbon science company, with specific interests in energy storage and green energy creation, with holdings in mining claims in the provinces of Ontario, Quebec and British Columbia in Canada.

We seek Safe Harbor.