Polestar Automotive UK : quadruples number of partners working on climate-neutral car – 0 project

2022.09.14

ID: 659180

Polestar quadruples number of partners working on climate­neutral car - Polestar 0 project

Twelve new partners join Polestar's quest to produce a climate­neutral car by 2030 Plastics, composites, chemicals and metals among areas covered by new partners Second call for collaboration launched, targeting base materials

GOTHENBURG, SWEDEN - September 14, 2022. Polestar (Nasdaq: PSNY), the Swedish electric performance car company, is accelerating its work to eliminate greenhouse gas emissions by welcoming twelve new partners to the Polestar 0 project, who are committed to collaborate on the company's moon­shot goal to produce a truly climate­neutral car by 2030 without offsetting.

The new and existing partners are industry leaders, now actively working on the Polestar 0 project. Each partner will focus on certain materials, components and processes involved in the production of cars. New partners, listed below, cover areas such as plastics, composites, chemicals and metals.

The transport sector is the fastest­growing greenhouse gas (GHG) emitting sector, expected to reach a share of more than 30% of total GHG emissions in the future*.

Polestar and its partners share a common goal: to decarbonize the complete supply chain and manufacturing process.

Thomas Ingenlath, CEO of Polestar, comments: "The real potential of electric cars will be fulfilled when we as an industry can say goodbye not just to tailpipe emissions, but production­related emissions as well. We made a bold commitment 18 months ago when we launched the Polestar 0 project, and these strong partnerships show the steady progress towards our goal."

Hans Pehrson, leader of the Polestar 0 project and former Head of R&D at Polestar, says: "Our new partners will help develop solutions that don't currently exist and they embrace the challenge of finding new technologies. The next five years will be critical, and we need partners that will engage with the Polestar 0 project to ensure its success. We will also see spin­off effects across various industries when we address the challenges in the automotive sector with innovation and the development of climate­neutral supply chains throughout a wide array of base industries."

From September 14, 2022, Polestar opens a second call for collaboration, targeting transformative solutions for new technologies to create man­made materials without any GHG emissions in the field of minerals and metals, bio­based chemicals and plastics, and other base materials. Interested parties are encouraged to apply online.

New partners and their focus areas in the Polestar 0 project:

Pensana: Independent and sustainable supply of rare earth materials

Boliden: Copper and other metals

Papershell: Advanced fiber composite based on paper

Sekab: Bio­based chemicals

Bulten: Fasteners

Hexpol TPE: Soft polymer compounds, TPE

Plasman: Manufacturer of bumper­fascias, grilles, exterior trim, and subsystem components

YFPO: Bumpers and similar materials

Ovako: Engineering steel from 100% carbon­neutral operations and 97% recycled content

Mistra Carbon Exit: Research consortium with objective to analyse and demonstrate how supply chains of buildings, infrastructure and transportation can be transformed and decarbonized

Stilride: Green metal manufacturing and mobility through proprietary STILFOLD technology, dubbed "industrial origami"

GG Group: Sustainable cables and harnesses

Partners previously signed up include:

SSAB: Fossil free steel

Hydro:Zero­carbon aluminum

Autoliv:Safety equipment

ZF:Electric powertrain and overall systems

Ends.

Notes to editors:

*The United Nation's Environment Programmestates that the transport sector is the fastest­growing greenhouse gas (GHG) emitting sector, expected to reach a share of more than 30% of total GHG emissions in the future. 

About the Polestar 0 project

The Polestar 0 project is Polestar's moon­shot goal of creating the first truly climate­ neutral car by 2030 which was announced in the company's first annual review, published in April 2021. The scope of the project is to identify and eliminate all greenhouse gas emissions from the extraction of raw materials to when the car is delivered to the customer, as well as the end­of­life handling. The Polestar 0 project aims to cut carbon emissions by changing the way that cars are made, rather than using traditional processes and then planting trees to offset CO2e. This approach will encompass collaboration across the

entire development process and value chain, from suppliers to retailers. The project targets what Polestar can measure and control: zero carbon emissions in the production of the car, delivery to customer, and end­of­life. The use phase of an electric car can already today be close to climate neutral if the car is charged with renewable energy. The timeline for launching a car in 2030 means the advanced research needs to be completed by 2025, when work with the car's architecture begins. By 2027, the vehicle project starts, which means that the application of that research, the advanced engineering required to take a research project into industrial production, needs to be completed.

Keywords:

Press releases, Brand & Corporate, Electrification, Sustainability , Mission

About Polestar

Polestar Automotive Holding UK PLC (Nasdaq: PSNY) ("Polestar") is a Swedish premium electric vehicle manufacturer. Founded by Volvo Car AB (publ.) (together with its subsidiaries, "Volvo Cars") and Zhejiang Geely Holding Group Co., Ltd ("Geely"), in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result.

Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in markets across Europe, North America, China and Asia Pacific. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA.

In the US, the local Polestar office is located in the New York metro area, in Mahwah, New Jersey. Polestar Spaces have been opened in Los Angeles, the San Francisco Bay Area, and Orange County, Calif.; New York City; Denver, Colorado; Boston; Central and Southern New Jersey; Dallas and Austin, Texas; Detroit; Minneapolis; Phoenix; Seattle; Atlanta; Charlotte, North Carolina; Connecticut; South Florida; and Washington D.C., with more to follow in Central California, the Pacific Northwest, and Hawaii.

Polestar has produced two electric performance cars. The Polestar 1 was built between 2019 and 2021 as a low­volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 lb­ft of torque, and an electric­only range of 52 miles (EPA) - the longest of any hybrid car in the world.

The Polestar 2 electric performance fastback is the company's first fully electric, high­ volume car. The Polestar 2 model range includes three variants with a combination of long­ and standard range batteries as large as 78 kWh, and dual­ and single­motor powertrains with as much as 476 hp and 502 lb­ft of torque.

From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 - the company's first electric performance SUV which is expected to debut in October 2022. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe.

In 2024, the Polestar 5 electric performance 4­door GT is planned to be launched as the production evolution of Polestar Precept - the manifesto concept car that Polestar released in 2020 that showcases the brand's future vision in terms of design, technology, and sustainability. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate­neutral car by 2030.

In March 2022, Polestar revealed its second concept car, an electric performance roadster which builds on the design, technology and sustainability ambitions laid out by Precept and showcases the brand's vision for future sports cars. The hard­top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. Polestar confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric performance roadster, with launch expected in 2026.

Forward­Looking Statements

Certain statements in this press release ("Press Release") may be considered "forward­ looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward­looking statements generally relate to future events or the future financial or operating performance of Polestar. For example, projections of revenue, volumes and other financial or operating metrics are forward­looking statements. In some cases, you can identify forward­looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential", "forecast", "plan", "seek", "future", "propose" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward­looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward­looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar's ability to maintain agreements or partnerships with its strategic partners Volvo Cars and Geely and to develop new agreements or partnerships; (2) Polestar's ability to maintain relationships with its existing suppliers, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestar's reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (4) Polestar's reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities; (5) competition, the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) Polestar's estimates of expenses and profitability; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium­ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Polestar's future business; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others; (12) the ability to meet stock exchange listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestar's international operations; (14) Polestar's ability to establish its brand and capture additional market share, and the risks associated with negative press or

reputational harm, including from lithium­ion battery cells catching fire or venting smoke;

1. delays in the design, manufacture, launch and financing of Polestar's vehicles and Polestar's reliance on a limited number of vehicle models to generate revenues; (16) Polestar's ability to continuously and rapidly innovate, develop and market new products;

1. risks related to future market adoption of Polestar's offerings; (18) risks related to Polestar's distribution model; (19) the impact of the global COVID­19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia, supply chain disruptions and logistical constraints on Polestar, Polestar's projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; and (20) other risks and uncertainties set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward­Looking Statements" in Polestar's Form 20­F, and other documents filed, or to be filed, with the SEC by Polestar. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward­looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward­looking statements set forth herein will be achieved or that any of the contemplated results of such forward­looking statements will be achieved. You should not place undue reliance on forward­looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward­looking statements, even if new information becomes available in the future.

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