Oslo, 21 January 2022

Carbon Transition is pleased to announce that its portfolio company, Power by
Britishvolt Limited, has received a very substantial in principle grant from the
UK government via the UK Automotive Transformation Fund. In addition, the
company announces a private debt funding agreement of GBP 1.7 billion with
Tritax and abrdn for the building of the Northumberland Gigaplant shell and core
as well as to develop the associated supplier park. Tritax is the leading
investor in UK and European logistics real estate and is joining Britishvolt in
partnership with abrdn's global real assets and investment capabilities. 

Over the next few weeks Britishvolt is also communicating that it will make a
series of follow-up announcements including customer MoUs and R&D
collaborations, relationships with blue chip UK automotive sports car brands and
technology releases.

Peter Rolton, Britishvolt Executive Chairman:
"This announcement is a major step in putting the UK at the forefront of the
global energy transition, unlocking huge private sector investment that will
develop the technology and skills required for Britain to play its part in the
next industrial revolution. 
The news is the first step in creating a commercialised battery ecosystem, that
perfectly aligns with the existing R&D ecosystem. Britishvolt will be the anchor
for attracting further sections of the supply chain, be it refining or
recycling, to co-locate on the Britishvolt site. This not only shortens supply
chains but also allows for partners to access the abundance of renewable energy
on site to truly power low carbon, sustainable battery production.

It will also allow us to catapult our unique tailormade business proposition on
a global scale, with sites already selected for development in other countries.
I'm especially proud that this is such a major boost for Northumberland - the
county of my birth - bringing around 3,000 direct highly-skilled jobs and
another 5,000+ indirect wider supply chain roles into the region. 
This is a truly historic day and marks the start of a truly exciting move
towards a low carbon future. One with Britishvolt batteries at the very centre
of that strategy."

Prime Minister, Boris Johnson, said:
"Britishvolt's plan to build a new Gigafactory in Northumberland is a strong
testament to the skilled workers of the North East and the UK's place at the
helm of the global green industrial revolution.
Backed by government and private sector investment, this new battery factory
will boost the production of electric vehicles in the UK, whilst levelling up
opportunity and bringing thousands of new highly-skilled jobs to communities in
our industrial heartlands."

For more information on the Britishvolt announcement:
https://www.britishvolt.com.

On 31 August 2021, Carbon Transition announced that it had made an equity
investment of approximately USD 1.7 million in the Series B equity private
placement in the UK-based Power by Britishvolt Limited. In addition, Carbon
Transition 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. (see the stock market
announcement: https://newsweb.oslobors.no/message/541202).

For further information, please contact:
Nils Haugestad, Interim CEO & CFO
Nils.haugestad@carbn.no
+47 977 04 439

About Carbon Transition ASA 
Carbon Transition ASA ("CARBN") is an investment company listed on Euronext
Expand. CARBN has a strategy to invest in companies and technologies which
contribute to significant reductions of carbon emissions. The company may also
invest more broadly in the "energy transition" space. CARBN has a legacy seismic
business operating under the name Axxis Geo Solutions, with both an ocean-bottom
seismic contract business and a multi-client data library.
More information on www.carbn.no

About Power by Britishvolt Limited
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 electric vehicle 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.
More information on www.britishvolt.com