Mr. Broderick Gunning reports

ENERGY PLUG ANNOUNCES MEMORANDUM OF UNDERSTANDING WITH TAIWANESE LITHIUM TITANIUM OXIDE CELL MANUFACTURER GUS TECH

Energy Plug Technologies Corp., together with Malahat Battery Technologies Corp., has entered into a memorandum of understanding (MOU) with GUS Technology Co. Ltd. to supply lithium titanium oxide (LTO) battery cells across Canada, North America and Latin America (LATAM). This collaboration aims to introduce LTO chemistry to early adopter customers and enhance industrial, military and marine energy mobility and storage markets with advanced LTO technology.

About GUS Technology Co. Ltd.

GUS Technology is a leader in research and development, manufacturing and production of LTO battery cells. Its innovative approach and cutting-edge technology are set to redefine energy storage solutions across various sectors.

Industrial and marine BESS markets

Energy Plug is currently marketing, selling and deploying commercial and industrial (C&I) battery energy storage system (BESS) applications in the Canadian market. Energy Plug aims to enter the marine market with a marine enclosure featuring superior battery chemistry and class certification. The collaboration with GUS Technology will enable Energy Plug to localize units for deployment throughout Canada, the United States and LATAM markets. This initiative could deliver a robust and reliable energy solution for marine applications.

Collaboration and roles

Under the MOU, the parties agree to collaborate on the following areas:

• GUS Technology will supply LTO cells for diverse BESS applications.
• Energy Plug will focus on securing customers, managing logistics, localization and customer relations.
• The parties will collaborate on joint R&D (research and development) projects relevant to the North American and LATAM markets. Each project will be independently evaluated for investment and intellectual property ownership, ensuring strategic and innovative advancements in energy storage solutions.
• Energy Plug plans to manufacture GUS Technology LTO cells at its proposed and future assembly facilities. The parties will assess feasibility, potential issues, equipment requirements and output possibilities, with the goal of establishing dedicated production lines for integrating GUS Technology's LTO cells into Energy Plug's modules and packs.

The parties intend to negotiate in good faith and execute a binding agreement within 60 days of the execution of the MOU.

Advantages of LTO batteries:

• Longer life cycle: LTO batteries offer an exceptional cycle life, often surpassing 20,000 charge-discharge cycles. This extended duration reduces the need for frequent battery replacements, thereby lowering the overall cost of ownership for consumers and businesses.
• Fire resistance and safety: LTO batteries exhibit minimal thermal runaway, cell swelling or dendrite growth compared with NMC/g cells. These safety features are particularly advantageous for heavy-duty sectors where batteries are exposed to harsh environments.

"It is important for Energy Plug to stay ahead of the market with respect to battery chemistry and with our collaboration with GUS Tech, we are able to do so," said Broderick Gunning, Energy Plug president and chief executive officer. "As we are presently focused on lithium iron phosphate (LFP) chemistry, LTO will be applied to a select group of early adopter customers in the commercial, military and marine-based sectors."

"Expanding our global footprint and partnering with visionary companies like Energy Plug are key to advancing our LTO cells," said Chang Chung-Chieh, president of Gus Technology. "It is paramount for us to achieve shareholder value and, by furthering our entrance in the North American market, we do so, while adding to our growing sales pipeline of our LTO cells."

About Energy Plug Technologies Corp.

Energy Plug Technologies is an energy technology company, dedicated to innovation and sustainability.

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