Mr. V-Bond Lee reports

VOLT CARBON TECHNOLOGIES AND CHARGE CCCV LLC ANNOUNCES STRATEGIC RELATIONSHIP IN THE SUPPLY OF BATTERY ELECTROLYTE AND GRAPHITE

Volt Carbon Technologies Inc. and Charge CCCV LLC (C4V) have entered into a strategic relationship marked by the signing of a non-binding memorandum of understanding (MOU) and the execution of a material transfer agreement (MTA) on Nov. 14, 2023.

Key highlights

Volt Carbon and C4V have solidified their collaboration through an MOU with the principal purpose of testing and qualifying Volt's innovative battery electrolyte. The ultimate objective is to establish a formal agreement between Volt and C4V, through which Volt will supply or license its electrolyte to C4V's gigafactories and/or its supply chain partners.

Volt has entered into an MTA with C4V, allowing for the transfer of samples of Volt's solid ultrabattery proprietary electrolyte, for testing and qualification purposes. The MTA, effective as of Oct. 22, 2023, grants C4V a non-exclusive licence to use the material for testing, with the goal of validating Volt's proprietary electrolyte formulation.

As part of the collaboration, Volt will also provide graphite concentrate to C4V to be processed into battery grade anode and electrodes through C4Vs green anode technology. The graphite concentrate will be sourced from Volt's graphite plant in Scarborough, Ont., and provided to C4V.

The MOU and MTA signify a significant stride in Volt's mission to drive innovation in energy storage and green energy. The strategic relationship with C4V opens avenues for collaboration in testing and refining battery technologies, further solidifying Volt's presence in the evolving energy storage and the critical minerals market. Strategically, the C4V supply chain qualification program would be a unique and faster path to market for Volt through a single window qualification program, Volt technology will be available for use by multiple C4V affiliated gigafactories across the globe.

Next steps

As of this press release, Volt has delivered initial samples of battery electrolyte and graphite concentrate, for initial qualification, to C4V's facilities located in Binghamton, N.Y. The battery electrolyte will be used to build coin cells at C4V for initial testing. Adjustments to the electrolyte formulation are expected to support C4V's proprietary BMLMP cathode technology, and the qualification process will span several months due to extensive cycle testing. Simultaneously, after initial positive results, both teams will start working on commercial-size cell testing to fast track the phase 2 qualification of commercial cells over five Ah (amp-hours) in size.

The graphite concentrate provided by Volt will be upgraded to spherical coated battery anode and electrodes for coin cell testing. Following the collection of initial battery test data, Volt may make further adjustments to its dry separation process at its Scarborough facility to align with C4V's objectives. Volt's goal is to become qualified by C4V's supply chain program as an approved anode with natural dry-separated graphite for a more eco-friendly approach. C4V's green anode technology combined with Volt's dry-separation mining process would be an unbeatable combination to bring a highly sustainable anode technology to market, which is essential to unlock North American supply chain viability.

V-Bond Lee, chief executive officer of Volt Carbon Technologies, remarked: "This strategic collaboration with C4V is intended to accelerate our shared goals in advancing sustainable energy storage technologies. C4V and Binghamton University have a rich history in pioneering the development of lithium-ion batteries. We were thrilled to visit C4V's university campus facilities to kick off our collaboration activities. I would also like to recognize the support of the Downsview Aerospace Innovation & Research Hub (DAIR), whose Green Fund contribution to VCT's research was crucial in advancing our battery testing efforts."

Dr. Shailesh Upreti, founder and CEO of C4V, states: "Our combined vision to accelerate the innovation cycle, activate the North American supply chain while addressing a market need with sustainable technologies, played an important role in building the foundation of this collaboration. We are very excited to collaborate with Volt as they have demonstrated an unmatched technical capability, innovative approach to problem solving and a very clear vision to bring sustainable products to market. Our synergies are very well aligned to benefit the global energy transition goals and C4V is fully motivated to make this partnership a success."

About Volt Carbon Technologies Inc.

Volt is a publicly traded carbon science company, with a specific focus on energy storage and green energy innovation. The company holds mining claims in the provinces of Ontario, Quebec and British Columbia in Canada.

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