January 14, 2020

|

COEUR D'ALENE

Idaho

United States

KORE Power, a leading manufacturer of high density, high voltage energy storage solutions, today announced that it received impressive performance and efficiency testing results related to the lithium-ion cells used in its Mark 1™ energy storage system. Novonix Battery Testing Services, Inc. ( “NOVONIX,” a subsidiary of Novonix Ltd. (ASX: NVX)), an expert in the field of battery materials evaluation and design, delivered the initial test results to KORE Power.

NOVONIX tested several aspects of KORE Power’s battery cell performance characteristics and found the following:

• KORE Power's electrode and electrolyte chemistry use industry-leading materials
• Early cycle life testing data on the cells shows auspicious long-term performance that meets demanding requirements inherent in energy storage system applications
• KORE Power's cells show better coulombic efficiency and lower short-term fade, outperforming various commercial cells from prominent cell manufacturers

NOVONIX used its state of the art High Precision Coulometry (HPC) testing to diagnose battery chemistry stability and to demonstrate the lifetime of KORE Power's Mark 1 cells in early cycles. The company's cells have achieved superior coulombic efficiency when cycling to 4.2V and 4.3V, enabling higher energy density with minimal lifetime penalty. Coulombic efficiency is the primary metric examined for performance; values closer to 1.000 should have a longer cycle life. KORE Power's cells are currently performing above 0.999.

“We are thrilled with the outcome of the first testing results on KORE Power’s Mark 1 cells. When comparing the coulombic efficiency, KORE Power’s cells outperformed those from industry-leading manufacturers, an outcome that will position it ahead of other cells in the market as these cells are typically used in energy storage applications where long-term performance is required. We are looking forward to continuing our collaboration and to advancing the Mark 1 cell’s performance,” said Chris Burns, President and Chief Executive Officer of NOVONIX.

“We are very pleased to see that our time and capital investment in material science has resulted in state of the art cells with higher energy density and efficiency,” said Nan Wu, Chief Technical Officer of KORE Power. “Thanks to the HPC testing technique offered by NOVONIX and the long-term collaboration between our two companies, we have established a new baseline for future technological advancements.”

“KORE Power is thrilled about the testing results received from NOVONIX to date and these results further validate the capabilities of our manufacturing partner and our supply chain,” said Lindsay Gorrill, Chief Executive Officer of KORE Power. “We look forward to continued testing by NOVONIX, which will enable us to evaluate and enhance the performance of our Mark 1 lithium-ion battery chemistry.”

To learn more about KORE Power, please visit www.korepower.com

ABOUT KORE Power

Based in Coeur d’Alene, Idaho, KORE Power is a leading developer of high density, high voltage energy storage solutions for utility, industrial and mission-critical markets. KORE Power designs and manufactures the industry-leading, 1500V Mark 1™ Energy Storage System. Developed to lower installation and operation costs with higher efficiency, the Mark 1 includes proprietary NMC cells and modules, with innovative safety features, managed and optimized by the Mark 1 BMS. KORE Power serves the growing demand for applications such as replacing fossil fuel peaker plants, wind and solar plus storage projects, Microgrid optimization, behind-the-meter C&I, E-Mobility, mining energy solutions and the Military.

For more information, visit www.korepower.com

Company Contact:
Tom DeRosa
Vice President of Business Development
+1 208 758 9395
tderosa@korepower.com

Media Contact:
FischTank Marketing and PR
+1 646 699 1414
KORE@fischtankpr.com

Cautionary Statement

Certain statements contained herein constitute forward-looking statements, including but not limited to statements about the expectations and applications for the use, efficiency and longevity of battery cells. All statements included herein, other than statements of ‎historical fact, are forward-looking information and such information involves various risks and ‎uncertainties. KORE Lithium Technologies, Inc. (“KORE Power”) believes the expectations reflected in these forward-looking statements are ‎reasonable, but no assurance can be given that these expectations will prove to be correct and ‎such forward-looking statements in this news release should not be unduly relied upon. Forward-‎looking statements included in this news release are made as of the date of this news release and KORE Power disclaims any intention or obligation to update or revise any forward-looking statements, ‎whether as a result of new information, future events or otherwise, except as expressly required by ‎applicable securities legislation.‎