Oslo, 7 March 2022
 
Carbon Transition is pleased to announce that its portfolio company, Power by
Britishvolt Limited, has partnered with Aston Martin, as the ultra-luxury
carmaker moves another step forward in its journey to electrification, with an
agreement to develop bespoke high performance battery cell technology.
 
The collaboration with Britishvolt brings together two innovative leaders in UK
engineering to create the next generation of cell and battery technology
designed specifically for high performance cars.   
 
A joint research and development team from Aston Martin and Britishvolt will
design, develop, and industrialise battery packs, including bespoke modules and
a battery management system. The two organisations will work together to
maximise the capability of special cylindrical high-performance cells being
developed by Britishvolt for use in high performance Aston Martin electric
vehicles. 
 
Aston Martin is developing alternatives to the internal combustion engine.
Continuing its electrification roadmap, Aston Martin's first plug-in hybrid -
the mid-engine supercar Valhalla - will commence deliveries in early 2024. By
2026, all new Aston Martin product lines will have an electrified powertrain
option, with a target for its core portfolio to be fully electrified by 2030.
 
The collaboration with Britishvolt is complementary to Aston Martin's strategic
technology agreement with Mercedes-Benz AG. Any investment will be funded by
existing capital expenditure commitments to developing electric vehicles.
 
Orral Nadjari, Chief Executive Officer and Founder of Britishvolt: 
 "For a prestigious marque such as Aston Martin, staying true to its
world-renowned brand of ultra-luxury, high-performance vehicles, whilst
transitioning to electrification, means insisting on customised, sustainable
battery cell technology that pushes the boundaries of performance. Britishvolt
is excited to be collaborating with Aston Martin, helping accelerate that switch
to electrification - I believe we make formidable partners.
 
"This collaboration once again highlights the value of working hand-in-glove
with customers to co-develop and manufacture tailored, sustainable, localised
battery cells, allowing vehicle makers to deliver superior products.
Technologies that reset the benchmarks. 
 
"We are excited about the prospect of an all-electric Aston Martin powered by
Britishvolt's low carbon, sustainable battery cells. Collaboration like this is
the only way forward for a successful energy transition."
 
Tobias Moers, Chief Executive Officer of Aston Martin Lagonda:
 "This powerful collaboration combines Aston Martin's 109 years of engineering
mastery with the expertise of a fast-growing UK technology business. Working
together with Britishvolt, I believe we can create new technologies to power
benchmark-setting Aston Martin electric cars that will match our reputation for
high performance and ultra-luxury with the highest standards of sustainability.
 
"Supplementing the close strategic relationship with our shareholder
Mercedes-Benz AG, this partnership provides Aston Martin with additional access
to technology and skills to broaden our electrification options. We are proud to
be partnering with a UK-based, low-carbon battery manufacturer as part of our
ambition to be a leading sustainable ultra-luxury business, with a commitment to
the Science Based Targets Initiative Net-Zero standard."
 
Today's announcement builds on Aston Martin's continued investment in the future
of British advanced engineering and developing the high-performance cars of the
future. 176 engineers were recruited to the business in 2021, including
specialists in electrified powertrain and other areas such as vehicle
calibration, software, and electrical systems. Further additions are planned as
part of a new drive to attract the best talent to develop Aston Martin's next
generation of sports cars and future electric vehicles.
 
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 next-gen lithium-ion
cell chemistries and batteries for electric cars, and beyond, established with
the aim to meet rapidly accelerating EV demand. Britishvolt is on target to
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 storage solutions for the automotive and wider
transportation sector, as well as BESS, and is experiencing strong political
support in jurisdictions where they will develop and operate plants. More
information on www.britishvolt.com..