MONBAT GROUP Concluded a Sales and Purchase Agreement with Britishvolt – a Strategic Partner for Selling the Monbat’s Lithium-Ion Division, Located in Germany

Monbat Group, via parent company Monbat AD and its subsidiary Monbat Recycling EAD concluded a sales and purchase agreement (SPA) for the sale of 100% of the capital of the German-based company Monbat Holding GmbH.

Monbat Holding GmbH is an intermediary holding structure of Monbat Group, which owns 100% of EAS Batteries GmbH (EAS) and 100% of Monbat New Power GmbH (MNP).

EAS holds the operational team and conducts the commercial activities of Monbat’s Lithium-ion division and MNP holds the property, plant and equipment as well as patents, licenses and internally developed R&D and know-how.

The three companies – Monbat Holding (holding structure), EAS Batteries (operational structure) and MNP (asset holding structure) form Monbat’s lithium-ion division.

The sales and purchase agreement for 100% of the share capital of the Monbat Holding GmbH is subject to completion activities, including any regulatory approvals.

The acquirer of the Monbat Holding GmbH shares is the British company Britishvolt – pioneer in the battery industry, focusing its activity on the next generation batteries’ technological development and the related research and solutions. Britishvolt works for the future development of electrical transportation and sustainable energy storage, manufacturing the best-in-class, low-carbon, sustainable and responsibly engineered technologies for lithium-ion batteries.

The value of the purchase consideration for the share capital of Monbat Holding GmBH is EUR 36M and involves a cash component and the issuance of ordinary shares in the capital of Britishvolt.

Viktor Spiriev, CEO of Monbat AD, stated: The deal structure fully supports the road map for the development of EAS and the Monbat Group. Monbat will continue to be part of the expected growth of the lithium-ion industry through the minority stake that the Group will hold in Britishvolt. We believe Britishvolt is the right partner that has the necessary resources to become a leader in providing lithium-ion solutions for electrified transportation and energy storage. The synergies between EAS and Britishvolt will further contribute to add value to the new owner, their shareholders and partners.

Orral Nadjari, Founder and CEO, Britishvolt: This acquisition – the second in our short history, and first overseas – underscores the drive and determination of Britishvolt to offer best-in-class battery solutions to our customers. Following on from our recent announcement of a development path to marine battery solutions, EAS will facilitate getting those cells to market quicker and allow the company to realise profit faster. The deal also perfectly complements our ‘Project Titan’ roadmap that will see us deliver larger format cells specifically targeting our high-end customers. These cells will offer increased power and energy density, as well as improved fast-charging capability. Ultimate performance without compromise!