InoBat Auto in cooperation with Ideanomics plans to embark upon a phased investment project based in Indiana, USA, in three stages. First, to open a new R&D and production facility for battery module and pack assembly with an initial annual production capacity of 100 MWh. Both parties then aim to construct a full commercial-scale battery module and pack assembly plant with an initial 2-3 GWh yearly production capacity. The first two phases would be supplied by cells from InoBat Auto's European facilities. Depending on sufficient and bankable offtake agreements, InoBat Auto is also exploring the option to construct a tailor-made battery cell production facility with an initial 4 GWh annual capacity. InoBat Auto and Ideanomics are expanding the strategic partnership established in January 2022 to develop, produce, and distribute integrated battery pack solutions for the U.S. market. InoBat Auto's cutting-edge R&D capability and manufacturing model enable the rapid designing, engineering and creation of bespoke EV battery solutions that exceed current industry standards and meet customer needs. InoBat Auto's first-generation NMC 622 pouch cell achieved 25% quicker charging from 5%-80% capacity, 20% extra cycle life, 6% higher capacity, 28% better capacity retention at -20°C (-4°F) than the benchmark pouch cells (with same dimensions and weight) from a globally present East Asian battery manufacturer. The European company is already delivering their 4th generation cells to customers for vehicle prototyping purposes. These advanced battery solutions will provide a significant technological edge for Ideanomics' vehicle, charging, and energy solutions to meet fleet operations' growing needs for clean mobility and infrastructures. Both InoBat Auto and Ideanomics are proud to be supported by the State of Indiana, which will provide administrative, advisory, fiscal and site location support while putting the state in a position to be a frontrunner for battery development in the US. The stimulation of the local economy, strong industrial focus and potential to make Indiana a hub for sustainable mobility made Indiana a natural fit to host the previously mentioned investments and long-term vision of InoBat Auto and Ideanomics. This commitment could also attract additional clean technology companies to the state of Indiana, including investments from InoBat Auto's C2C (Cradle-to-cradle) value chain, such as stationary energy storage, battery recycling and production of battery-grade recycled materials. The parties also express a common interest in localizing other relevant suppliers in the proximity of the listed future facilities and maximize the usage of green electricity in their facilities to comply with global Net Zero commitments.