Press release

Asian Energy Company Bangchak Invests in Enevate’s Fast-Charging EV Battery Technology

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California-based Enevate
Corp.
, whose innovative battery technology is addressing
extreme-fast charge times for electric vehicle (EV) batteries, announced
that Thai energy giant Bangchak,
through its Bangchak Initiative and Innovation Center (BiiC), has
invested in the company.

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Enevate aims to make EV charging as fast and easy as pumping gas/petrol (Graphic: Business Wire)

Enevate aims to make EV charging as fast and easy as pumping gas/petrol (Graphic: Business Wire)

“This is a significant investment for us, not only from a financial
perspective but as further indication of the energy industry’s strong
interest in our groundbreaking solutions as EV demand grows and
consumers demand vastly shorter battery charging times,” said Enevate
CEO Robert A. Rango
. “With this investment, Bangchak becomes an
important partner in our mission to provide advanced battery technology
that will help drive the growth of global EV markets with as little as
five-minute charging times.”

Rango added: “We see a day in the not-too-distant future when EV drivers
will be able to pull up to drive-thru charging stations that will look
much like today’s gas stations, charge up and be back on the road in
five minutes.”

“Bangchak’s investment in Enevate reflects our mission to seed
innovative technologies and support continuous development of solutions
in pursuit of environmental stewardship and sustainability in the energy
business,” said Chaiwat
Kovavisarach
, President and CEO, Bangchak Corporation Public Company
Limited. “Enevate is renowned for its expertise in the development of
innovative extreme-fast charging lithium-ion batteries for EVs, with an
ability to charge 10 times faster than current conventional batteries.
We are excited to be a part of their pioneering work.”

The companies did not disclose the investment amount.

Enevate’s HD-Energy®
Technology for EVs features five-minute fast charging with high energy
density and long driving range with added focus on low-temperature
operation for cold climates, low cost and safety benefits. This short
charging time is superior to any other Li-ion technology available today.

Enevate licenses its silicon-dominant HD-Energy Technology to battery
and EV automotive manufacturers and suppliers worldwide to quickly
achieve production volume and accelerate adoption of next-generation
features that take EVs to the next level.

ABOUT
ENEVATE

Enevate Corporation, with global headquarters in Irvine, Calif.,
develops and licenses advanced silicon-dominant Li-ion battery
technology that revolutionizes the electric vehicle (EV) market by
breaking down barriers to EV adoption. Enevate’s pioneering work on
silicon-dominant anodes and cells has resulted in its breakthrough
HD-Energy Technology featuring extreme-fast charging with high energy
density, excellent low-temperature operation for cold climates, low
cost, and safety advantages over conventional graphite Li-ion batteries.

Investors include Renault-Nissan-Mitsubishi (Alliance Ventures), LG
Chem, Samsung, Mission Ventures, Draper Fisher Jurvetson, Tsing Capital,
Infinite Potential Technologies, Presidio Ventures – a Sumitomo
Corporation company, Lenovo and CEC Capital. To learn more about, or to
license, Enevate’s industry-defining battery technology, visit www.enevate.com.
Enevate®, the Enevate logo, HD-Energy, and eBoost® are registered
trademarks of the Enevate Corporation.

ABOUT
BANGCHAK

Bangchak Corporation Public Company Limited is a Thai energy company
engaging in business alongside social and environmental stewardship.
Bangchak is committed to bringing disruptive and Greenovation, founded
on good corporate governance, through inclusiveness and sustainability,
for industrial transformation. Its core businesses include petroleum
refining, gas service stations, green power plants and bio-based
business. The Bangchak Initiative and Innovation Center (BiiC), with a
focus on New S-Curves Businesses, comprises three divisions: Research &
Development, Corporate Venture Capital, and Ecosystem & Incubation.