Mr. Jake Bouma reports

AURORA SOLAR TECHNOLOGIES ANNOUNCES INDUSTRIAL PARTNERSHIP FOR BT IMAGING

Aurora Solar Technologies Inc.'s wholly owned subsidiary, BT Imaging Pty. Ltd., has entered into a strategic collaboration with halm elektronik GmbH, designed to accelerate the industrialization, manufacturing and commercial deployment of BT Imaging's Intelligent PL Solutions platform.

The collaboration combines BT Imaging's proprietary Intelligent PL Solutions platform, including its photoluminescence (PL) metrology and technologies for advanced inline inspection, measurement, binning and quality assurance of photovoltaic cells and modules, with halm's proven high-volume manufacturing capacity, industrialization and design-for-manufacturing expertise, modular I-V testing and characterization systems, global sales and distribution network, and field deployment, commissioning, and after-sales support capabilities. Together, the parties intend to accelerate the industrialization, deployment and scale-up of BT Imaging's i5 cell inspection platform and M5 module inspection platforms in support of existing customer programs and future commercial opportunities.

The collaboration is governed by three principal agreements:

• A memorandum of understanding (MOU) establishing the commercial framework for the strategic relationship;
• An operational collaboration agreement (OCA) governing manufacturing, engineering, deployment and customer execution activities;
• A convertible loan agreement providing BT Imaging with working capital to support commercialization activities.

The OCA agreement establishes the framework for joint engineering, industrialization, manufacturing and customer deployment activities in support of BT Imaging's existing customer programs under the MOU.

Under the loan, m3x GmbH has agreed to provide BT Imaging with a secured convertible loan of $500,000 (U.S.). The net proceeds of the loan will be used by BT Imaging for working capital and general corporate purposes, including deployments of i5-CEL and M5 systems. The loan is interest-free for the first 90 days and is intended to convert into equity of BT Imaging upon completion of phase 1 in accordance with the MOU, subject to receipt of TSX Venture Exchange acceptance. If phase 1 is not completed, the loan will bear interest at 5 per cent per annum and, unless otherwise agreed by the parties, the loan will become repayable within 30 days following a request for repayment in accordance with the loan. The loan is secured by a conditional, non-exclusive licence over core BT Imaging patents. The licence becomes exercisable only upon an event of default and is intended solely as security for the loan.

The MOU establishes a framework for a phased strategic relationship that may include future equity participation, subject to business performance, satisfaction of agreed performance obligations, definitive agreements, corporate approvals and applicable regulatory approvals. Phase 1 contemplates an aggregate contribution by halm to BT Imaging of up to $3-million (U.S.), comprising $1.5-million (U.S.) in cash to be contributed by halm to BT Imaging (including conversion of the loan) and up to $1.5-million (U.S.) of agreed engineering and manufacturing support contributions to BT Imaging from halm under the OCA. Upon completion of phase 1, halm would hold approximately 28 per cent of BT Imaging. The parties are working to close phase 1 within the interest-free period of the convertible loan.

Any subsequent phase of the strategic relationship will be considered following the successful execution of phase 1 and continued customer adoption and commercial progress, subject to definitive agreements and all required corporate and regulatory approvals. Neither party is obligated to proceed with any subsequent phase unless the applicable definitive agreements have been executed and all conditions have been satisfied.

The company believes this collaboration represents an important milestone in the industrialization of BT Imaging's proprietary Intelligent PL Solutions platform. Management believes halm's industrial manufacturing capability, engineering resources and global deployment infrastructure provide a strong foundation to support BT Imaging's growing customer pipeline and transition to volume manufacturing.

Kevin Dodds, chief executive officer of Aurora and BT Imaging, commented: "Consistent with our partnership-led investment and growth strategy, we believe this collaboration brings together BT Imaging's proprietary Intelligent PL Solutions platform with halm's deep industrial expertise in photovoltaic metrology, I-V characterization systems, volume manufacturing and end-user deployment to accelerate customer adoption and long-term commercial growth. The phased framework aligns investment with execution, business performance and value creation while preserving optionality as the relationship develops."

The company will continue to pursue complementary customer programs, financing initiatives and strategic opportunities that support the commercialization and scale-up of its Intelligent PL Solutions platform and enhance long-term shareholder value.

Moritz Meixner, managing partner of halm and m3x, commented: "BT Imaging has developed a highly differentiated technology platform combining proprietary photoluminescence metrology, advanced machine vision and AI-enabled [artificial intelligence] analytics that we believe has significant potential to transform inline photovoltaic manufacturing. By combining BT Imaging's innovation with halm's long-standing expertise in PV metrology, industrialization and global manufacturing execution, we believe the collaboration provides a compelling pathway to scalable commercial deployment."

Completion of the proposed strategic relationship beyond phase 1 remains subject to completion of due diligence, negotiation of definitive agreements, corporate approvals and applicable regulatory approvals. There can be no assurance that any subsequent phase of the proposed relationship will be completed.

The collaboration constitutes a reviewable disposition as defined in Policy 5.3, Acquisitions and Dispositions of Non-Cash Assets, of the TSX-V and, as such, completion remains subject to the acceptance of the TSX-V. Closing will occur once the TSX-V has issued conditional acceptance, all required filings have been made and all closing conditions have been satisfied.

About Aurora Solar Technologies and BT Imaging Pty. Ltd.

Aurora Solar Technologies, through its wholly owned subsidiary, BT Imaging, develops advanced photoluminescence (PL) metrology, machine vision and AI-assisted analytics for the global photovoltaic manufacturing industry. Its Intelligent PL Solutions platform combines high-resolution optical imaging, precision measurement and artificial intelligence to support inline inspection, defect classification, process optimization and quality assurance for leading photovoltaic manufacturers around the world.

We seek Safe Harbor.