Cactus Acquisition Corp. 1 Limited announced that on February 23, 2024, each of Nachum (Homi) Shamir, Chairman of the Board, and Dr. Hadar Ron, a director, resigned as members of the Board, effective upon the closing of the Transfer. Each such resigning Board member informed the Company that he or she was resigning from his or her role to pursue other opportunities.

There were no disagreements between the Company and any such resigning director on any matter related to the Company's operations, policies or practices. On February 20, 2024, effective immediately upon the closing of the Transfer, each of the New Directors was appointed to the Board by the Purchaser, as the holder of the sole outstanding Class B ordinary share. The New Directors are expected to serve on the following committees of the Board: Emmanuel Meyer: audit committee and compensation committee, Huiyan Geng: audit committee, Joep Thomassen: compensation committee, As with all current directors of the Company, the New Directors, as well, will not be party to or participate in any material compensatory plan, contract or arrangement (whether or not written) of the Company.

Furthermore, none of the New Directors has had a direct or indirect material interest in any transaction with the Company since the beginning of 2023, or in any currently proposed transaction, that is required to be disclosed under Item 404(a) of Regulation S-K of the U.S Securities and Exchange Commission. Biographical information concerning the New Directors is provided below: Emmanuel Meyer has over 20 years of experience in infrastructure investment and project management. He is currently Managing Director of PowerTree, an independent power producer in the renewable energy industry.

He assisted VivoPower Plc, Magnetar Solar and Conergy AG in M&A transactions and debt capital solutions, with a focus on energy and infrastructure investments in Latin America, Europe and the Middle East. He has also overseen the build-up of the American-backed renewable energy development company. Dr. Meyer earned an MSc in Finance from Bocconi University, Milan.

Helen Geng has over 10 years of experience in senior accounting roles. Ms. Geng serves as Finance Director of PowerTree. Prior to joining PowerTree, she was the head of European Project Finance in ReneSola Ltd., managing financial activities across the UK and solar farm projects.

Prior to ReneSola Ltd., she worked as financial controller at the Ivis Group, overseeing the financial activities across the UK, Malaysia and China. Ms. Geng holds a Masters in Science with a Major in Accounting from the Leeds Beckett University in the U.K. and is an accredited certified accountant. Joep Thomassen has over 20 years of experience in managing team growth and internationalization.

He currently serves as Technical Director at PowerTree. Prior to joining PowerTree, Mr. Thomassen was with Leclanch, where he led the Distributed Power Generation business. Before that, he worked at Nedap, NXP and Philips and gained exposure to the semiconductors and energy systems markets.

Mr. Thomassen holds a BSc in Computer Sciences from the College of Advanced Technology (HTS) in Ontario, Canada.