Lysaker, 31 August 2021

Reference is made to the stock exchange announcement by Carbon Transition ASA
(the "Company") 7 July 2021 regarding its new strategy.

The Company is pleased to announce its second investment under its new energy
transition strategy which demonstrates the Company's ability to execute unique
and attractive investments focused on sustainability and ESG.

The Company has agreed to invest approximately USD 1.7 million in the Series B
equity private placement in the UK-based company, Power by Britishvolt Limited. 
Carbon Transition is joining the significant capital raise in the Series B
investment round with Glencore, Cathexis Venture II and NG Bailey as investors.
In addition, Carbon Transition has 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. This option is valid until and must be exercised in conjunction with an
IPO, if Carbon Transition decides that it wants to exercise the option. 

Britishvolt recently announced that it has entered into an offtake agreement
with FTSE 100-listed Glencore for the supply of responsibly sourced cobalt.
Glencore is among the world's leading suppliers of responsibly mined cobalt, a
key ingredient in EV batteries.  Britishvolt is being advised by Barclays and
Guggenheim and is evaluating future listing of the shares which is expected to
take place on an international reputable stock exchange in the foreseeable
future.

Britishvolt is a developer, and future manufacturer, of lithium-ion cell
chemistries and batteries for electric cars, established with the aim to meet
rapidly accelerating EV demand. Britishvolt is targeting 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 solutions for the automotive and wider transportation sector and is
experiencing strong political support in the jurisdictions where they will
operate plants.

Ronny Bøhn, CEO of Carbon Transition ASA:
"The investment in Britishvolt is the next step in our new energy transition
investment strategy. Britishvolt is exceptionally well positioned to capture a
significant portion of the European and North American lithium-ion battery
market and we are excited to be working with them on this venture. We believe
Britishvolt has a first-mover advantage with UKs first planned Gigaplant and the
strong Britishvolt team together with all its partners will help it succeed in
creating a world class operator in this industry space."  

Orral Nadjari, CEO and founder of Britishvolt:
"This is another hugely positive step in the right direction for Britishvolt as
we look to accelerate the transition to a low carbon society.  At the very heart
of our business are our core ESG Principles and Commitments. The strategic
partnership with Carbon Transition aligns perfectly with our ESG playbook and we
are delighted that they have decided to invest in the business, signalling to
the market further confidence in the project. Having first mover advantage is
always helpful for a competitive edge and indicates the foresight of the
Britishvolt team and underscores our collective ambition to take the brand to
the global stage."

Graham Hoare, President Global Operations of Britishvolt:
"Britishvolt has global ambitions and with that a clear glide path to assist
governments on the road to zero. Batteries are integral to the global energy
transition. No low carbon batteries, no successful energy transition. It's that
simple. What we are currently witnessing is the tipping point into an
electrified future, clearly Carbon Transition sees this and is making strategic
investments into the space."
 
The main value proposition is the company's ability to take to market a
sustainable and proven battery technology, within logistical proximity of car
manufacturers, creating a competitive price point by lowering trade finance
costs and cost of logistics. Shorter supply chains are also essential in the
race to net zero. The company has identified Cambois, in Northumberland, as the
site for its first Gigaplant and acquired the land in April 2021. Planning
permission was granted, by unanimous decision, 6 July. The UK Gigaplant is
targeting a capacity of 39GWh. A second Gigaplant in Canada is also being
planned. The Canadian Gigaplant is targeting a capacity of 72 GWh. In the UK,
Britishvolt has signed an MoU and term sheet with leading organizations
including WMG and Oxford University for the development of next-generations
solid state technology. Solid state batteries are expected to be the next
generation technology for electric vehicles.

A presentation of Britishvolt is attached and more information on the company
can be found on www.britishvolt.com.

Contacts
Ronny Bøhn, CEO
Ronny.Bohn@axxisgeo.com
+47 905 58 517

Nils Haugestad, CFO
Nils.Haugestad@axxisgeo.com
+47 977 04 439

About Carbon Transition ASA 
Carbon Transition ASA ("CARBN") is an investment company listed on Oslo Stock
Exchange (Euronext Expand Oslo) and traded under the ticker CARBN. CARBN has a
focus towards investing in companies and technologies engaged in the "energy
transition" area, which contribute to significant reductions of carbon
emissions. CARBN may also invest more broadly in the "energy transition" space.
CARBN has a legacy OBN seismic business operating under the name Axxis Geo
Solutions, with both a node-technology seismic contract business and a
multi-client library. This business unit is categorized as an investment and
revenues generated from this business unit may be invested in the "energy
transition" area.
More information on www.axxisgeo.com

About Britishvolt 
Britishvolt is Britain's foremost investor in battery cell technologies. It is
dedicated to supporting the future of electrified transportation and sustainable
energy storage, producing best-in-class, ethical, low-carbon, lithium-ion
battery technologies. Britishvolt's aim is to establish the UK as the leading
force in battery technology, and associated ecosystem infrastructure. It is
working with leading strategic partners/suppliers to achieve this, as it is of
paramount importance to the future of the UK automotive industry and the overall
economic and industrial health of the country. The company believes that the UK
is the right place for its investments because of the strength of its automotive
and energy industry alongside its expertise and history in industrial and
academic battery research and development. Quarter four 2023 has been targeted
as the start of production in Britain's first Gigaplant situated on the old coal
stocking yard of the former Blyth Power Station in Cambois, Northumberland.
www.britishvolt.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.